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PED: Perfectly Elastic and Perfectly Inelastic
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This video focuses on the concepts of perfectly elastic and perfectly inelastic (in respect to the demand curve). If something is perfectly elastic, the quantity demanded will drop to 0 (when the price is increased) regardless of how much it was prior to the price increase. If the demand curve is perfectly inelastic, the quantity demanded will not change (at all) when the price changes. Remember, elasticity is responsiveness. This video is made for 1st year college students or AP/IB Economics students. It focuses on foundational economic concepts.
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