State whether the following statement is TRUE and FALSE.Perfectly inel

1.	State whether the following statement is TRUE and FALSE.Perfectly inelastic demand curve is parallel to the X axis.
Answer» FALSE Perfectly inelastic demand implies that the demand for the commodity is completely unresponsive to the change in the price of the commodity. That is, a change in price has no effect on the demand. A specific quantity of the good would be demanded no matter the price. In such cases, the demand curve is vertical line parallel to Y axis.

State whether the following statement is TRUE and FALSE.Perfectly inelastic demand curve is parallel to the X axis.

Answer»

FALSE

Perfectly inelastic demand implies that the demand for the commodity is completely unresponsive to the change in the price of the commodity. That is, a change in price has no effect on the demand. A specific quantity of the good would be demanded no matter the price. In such cases, the demand curve is vertical line parallel to Y axis.

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State whether the following statement is TRUE and FALSE.Perfectly inelastic demand curve is parallel to the X axis.

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