If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause the equilibrium price to:
a. rise and the equilibrium quantity to fall.
b. rise and the equilibrium quantity to stay the same.
c. rise and the equilibrium quantity to rise.
d. stay the same and the equilibrium quantity to fall.
b. rise and the equilibrium quantity to stay the same.
Economics
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Flexible exchange rates, proving to be much ________ volatile than economists predicted, have led to ________ calls for a return to fixed exchange rates
A) less, few B) less, many C) more, few D) more, many
Economics
An economy growing at a consistent rate of 5 percent per year will double its income in
a. twenty-five years. b. twenty-one years. c. fourteen years. d. twelve years.
Economics