what will be the effect of price change on supply of a commodity with perfectly inelastic supply?
Answers
Answered by
3
Answer:
When the demand for a commodity is perfectly inelastic the change in price will have no effect on the quantity demanded. The consumers do not change their demand due to the change in price. This usually is seen in case of necessities. Hence, the equilibrium quantity will be same the price might increase or decrease.
Explanation:
hope it helps u
Similar questions