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25 May, 22:47

When quanity demanded is completely responsive to price, what is the value of price

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  1. 25 May, 23:33
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    The value of price will be exactly what demand is willing to pay, without possibility of change.

    Explanation:

    We call that a perfectly elastic demand. When we have that kind of price elasticity, any change in price upwards will affect the demand, making it fall to almost zero. On the opposite, if we have a change in price downwards, the demand will not increase. Bread, books, and pencils are good examples of that.
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