If the price of a good increases by 5% and the quantity demanded remains unchanged, then at that price, the good is
A)elastic.
B)inelastic.
C)perfectly inelastic.
D)perfectly elastic.

Question

Quizplus · Accepted Answer

When the quantity demanded remains unchanged despite a change in price, the good is considered perfectly inelastic. This means consumers' purchase quantity does not respond to price changes.

If the Price of a Good Increases by 5% and the Quantity