The other extreme is a vertical demand curve that indicates an item is perfectly inelastic. These items are necessary and have no substitutes; for example, a life-saving drug that people will pay ...

In economics, the demand for a certain good or service is represented by the demand curve. The demand curve ... equal to zero is said to be perfectly inelastic, when a change in price does not ...

In this graph you have the same shift of the labor supply curve from immigration, but the perfectly elastic labor demand means that employment increases and wages are unaffected. Elastic labor ...

Ali Hussain has a background that consists of a career in finance with large financial institutions and in journalism covering business. Ryan Eichler holds a B.S.B.A with a concentration in ...

If a price change creates a small or no change in demand, it is inelastic. A good or service is considered perfectly elastic if the elasticity is infinite, meaning demand changes substantially ...