The other extreme is a vertical demand curve that indicates an item is perfectly inelastic. These items are necessary and have no substitutes; for example, a life-saving drug that people will pay ...

The demand curve is plotted on a graph with price labeled on the y-axis and quantity labeled on the x-axis. ... An elasticity equal to zero is said to be perfectly inelastic, ...

Perfectly inelastic demand theoretically means that the quantity demanded of a good or service remains constant regardless of price. But, ask yourself whether there is a good or service for which ...

Bryan Caplan has an interesting post on the minimum wage that has a lot of good points in it. However, I think he is off the mark in one place. He argues that there is a contradiction between two ...

In various parts of the world, the Apple iPhone has also become a status symbol, illustrating inelastic demand just as Nokia Corp.'s cellphones did in the early 2000s.