Which of the following are incorrectly matched 1 perfectly inelastic quantity demanded does no...........

Economic Affairs NCERT

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Which of the following are incorrectly matched?

1. perfectly inelastic : quantity demanded does not respond to price changes.

2. perfectly elastic: quantity demanded changes infinitely with any change in price

3. unit elastic quantity: quantity demanded changes by the same percentage as the price .

Select the correct code

1 and 2

2 only

3 only

all of the above

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Explanation:

perfectly inelastic situation is the one in which the price of a product will have no effect on the supply.In perfectly elastic situation , even a small change in price causes an infinite change in the quantity demanded. In unit elastic describes situation in which a quantity supplied or demanded changes according to the same percentage as the change in price.