Define the term Perfectly elastic and perfectly inelastic supply. – InterviewSolution

1.	Define the term Perfectly elastic and perfectly inelastic supply.
Answer» Perfectly elastic supply refers to a situation when a slight change in price causes infinite change in quantity supplied of a commodity. The supply curve is parallel to X-axis. Perfectly inelastic supply refers to a situation when the quantity supplied remains unchanged whatever be the price of the commodity. The supply curve is parallel to Y-axis.

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