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Get Answers to all your Questions
What is meant by Price Elasticity of Demand? When will the Demand Curve be parallel to X-axis?
Answers (1)
The price elasticity of demand is an economic indicator of the increase in the quantity of commodity demands or consumes in relation to its change in price.
When demand curve is parallel to x-axis then elasticity of demand will be perfectly elastic as there is infinite demand at constant price. In this case, a slightest increase in price will reduce the demand for the product to zero.
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