If the supply of a good is perfectly inelastic, the price elasticity of supply will equal
A) positive infinity.
B) one.
C) zero.
D) none of the above.
C
Economics
You might also like to view...
A monopolistically competitive firm and a perfectly competitive firm are alike because both types of firms
I. face downward sloping demand curves. II. have marginal revenue curves that lie beneath their demand curves. III. can make only zero economic profit in the long run. A) I and II B) I and III C) III only D) I only
Economics
In the below graph, unemployment created by the minimum wage is:
A. B - A
B. B - 0
C. B - E
D. 0
Economics