Perfectly inelastic supply refers to a situation where the quantity supplied of a good remains constant regardless of changes in price. This means that no matter how much the price increases or decreases, producers cannot or will not increase or decrease the quantity they supply. This concept is significant in understanding supply curves, as it represents a vertical line on a graph, indicating that supply does not respond to price changes.
congrats on reading the definition of Perfectly inelastic supply. now let's actually learn it.