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Demand — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsDemand2 Marks
Question
What is perfectly elastic demand ?
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Answer

  • Perfectly elastic demand means the change in demand is very huge with a small change in price.
  • The demand curve in such case is parallel to horizontal axis.
  • The demand elasticity is infinity.
  • This is not possible in real world.
  • This concept is important to explain the perfect competition.

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