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Answer to Question #67390 in Microeconomics for Max
Question #67390
An increase in quantity demand caused no change in the equilibrium price. Thus, demand must be
A) elastic. B) inelastic. C) perfectly elastic. D) perfectly inelastic.
The answer is C, can someone briefly explain to me why?
A) elastic. B) inelastic. C) perfectly elastic. D) perfectly inelastic.
The answer is C, can someone briefly explain to me why?
Expert's answer
The right answer is c because perfectly elastic demand curve is horizontal, so change in quantity demand caused no change in the equilibrium price
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