GENERAL KNOWLEDGE

Detailed explanation-1: -When the demand of a quantity does not change as a result of a change in the price of a commodity, the demand of that commodity is called a perfectly inelastic demand. In this case, the elasticity of demand is zero.

Detailed explanation-2: -An inelastic demand or inelastic supply is one in which elasticity is less than one, indicating low responsiveness to price changes.

Detailed explanation-3: -A good is perfectly elastic if the price elasticity is infinite (if demand changes substantially even with minimal price change). If price elasticity is greater than 1, the good is elastic; if less than 1, it is inelastic.

Detailed explanation-4: -A perfectly inelastic good would be one where demand does not change regardless of the price; however, no such good or service is perfectly inelastic. Inelastic stands in contrast to elastic, where the latter witnesses significant changes in demand when the price changes.

Detailed explanation-5: -Perfect inelasticity refers to a situation in which the quantity demanded does not change at all, regardless of the price. Perfect elasticity refers to a situation in which the quantity demanded is extremely sensitive to changes in price, with even a small change in price leading to a large change in quantity demanded.