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- Perfectly inelastic demand refers to a situation where the quantity demanded of a product does not change at all when the price changes1. This means that the demand curve is a vertical line. Perfectly inelastic demand occurs rarely in the real world, but some examples of goods that have this characteristic are construction equipment, rare medicines, and fresh water in a time of drought21. These goods have no substitutes and are essential for consumers.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Demand is said to be "perfectly inelastic" if the demand for that product will remain consistent, regardless of any price changes. Perfectly inelastic demand occurs rarely in the real world. Close examples might include rare medicines, or fresh water in a time of drought: regardless of any price changes, these products will remain in demand.www.investopedia.com/terms/e/inelastic.asp
Construction equipment is a good example, as it has no substitutes and very little changes in the price. Another example of a good that is perfectly inelastic is health care. In the United States, for example, Medicare will pay for any amount of health care you need if it's necessary and required.
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WEBAug 23, 2022 · There are no examples of perfectly inelastic goods. If there were, that means producers and suppliers would be able to charge whatever they felt like and consumers would still need to buy them.
WEBEssential medical procedures have inelastic demand. The patient will pay what she can or what she must. In general, products that significantly affect health and well-being have inelastic demand.
WEBExplain what it means for demand to be price inelastic, unit price elastic, price elastic, perfectly price inelastic, and perfectly price elastic. Explain how and why the value of the price elasticity of demand changes along …
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WEBJun 27, 2022 · Perfectly inelastic demand means that regardless of price, the quantity demanded of a good or service remains constant. Relatively inelastic demand means that there will be more change in the...
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