+ Create New Flashcard. That, of course, could not happen in real life. In a perfectly elastic demand situation, the responsiveness of demand to a change in price or the price elasticity is infinite, thereby resulting in a flat demand … Definition. Perfectly elastic demand is when the quantity demanded skyrockets to infinity when the price drops any amount. perfectly elastic demand. 6 But many commodities approach that situation because they are highly competitive. The price is really the only thing that matters. Definition of Perfectly Elastic Demand: A perfectly elastic demand is a demand where any price increase would cause the quantity demanded to fall to zero, and reducing the price of a good or service will not increase sales. Perfect elastic demand is considered a theoretical extreme case and there isn’t really any real-life product that could be considered perfectly elastic. Detailed Explanation: A perfectly elastic demand curve … If the price elasticity of demand is bigger than 1 then the demand for the product will be elastic. Popular Terms.
A theoretical economic situation in which the interest of consumers in purchasing a business' product is extinguished if the price of the product rises or consumer interest rises to infinity if the price falls. However, the idea is beneficial in economic analysis.
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