Perfectly inelastic demand means consumers are unresponsive to price changes, resulting in a vertical demand curve. Insulin's demand serves as an example of this phenomenon.
Perfectly inelastic demand refers to a situation where consumers are not responsive to any change in price. This results in a perfectly vertical demand curve, indicating that quantity demanded remains constant regardless of price changes. An example of this is insulin, where the quantity demanded for a diabetic remains the same even if the price changes.
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