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Determining the perfectly inelastic demand

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Which products, if any, will have a perfectly inelastic demand? Pick one of the products. How, if at all, could consumers adjust to a rise in the product's price ? Compare the elasticity of demand for that product in the short and long run. Would it change, and of so in what way ? Decide whether you think the product has perfectly inelastic demand. To say it another way, decide whether you think the demand curve will be vertical, or just quite sleep.

Reference no: EM131227499

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