Perfectly inelastic refers to a situation where the quantity supplied does not respond at all to changes in price. Even if there is a large increase or decrease in price, the quantity supplied remains constant.
Related terms
Perfectly elastic: Describes a situation where any small increase or decrease in price leads to an infinite increase or decrease in quantity supplied.
Relatively Inelastic: A situation where the percentage change in quantity demanded or supplied is less than the percentage change in price but still significant.
Revenue: The total amount of money received from selling goods or services.