When supply for an item is perfectly inelastic, how does the supply change when there is a steep drop in price?

On a graph showing the relationship between x and y, the ceteris paribus condition implies that

A) no other variables are related to x and y. B) the value of x is held constant. C) the value of y is held constant. D) other variables not shown are held constant.

One characteristic of a monopoly market is that the product is virtually identical to products produced by competing firms

a. True b. False Indicate whether the statement is true or false