Question: Explain, in your own words, the relationship between prices and quantities demanded when demand is perfectly elastic. ( 4 points ) Give the example of

Explain, in your own words, the relationship between prices and quantities demanded when demand is perfectly elastic. ( 4 points ) Give the example of a product for which demand would approach perfectly elastic demand. ( 2 points )

Graphically represent a perfectly elastic demand curve. ( 4 points )

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