Question: What is the shape of a perfectly inelastic demand curve?
The shape of a perfectly inelastic demand curve is a vertical straight line, indicating that the quantity demanded remains the same regardless of changes in price. In other words, the demand for the product is completely insensitive to price changes, and consumers are willing to pay any price to obtain the good or service. This type of demand occurs when the product has no close substitutes, and consumers have no choice but to purchase the product at the prevailing market price. Perfectly inelastic demand is relatively rare, but examples include life-saving drugs, necessary medical procedures, and certain addictive goods.
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