If the supply of a factor is perfectly inelastic, then
A) no more than the existing quantity can be supplied.
B) the supply curve is horizontal.
C) sellers will provide whatever quantity is demanded at the going price.
D) a fall in price results in no quantity being supplied.
A
Economics
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Refer to the figure above. If the monopolist faces a constant marginal cost of $10, at what price should it sell its output?
A) $2 B) $10 C) $12 D) $14
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The intent of parity pricing in the farm industry is to
a. drive inefficient farmers out of business b. allow a market to reach its equilibrium price c. provide only low-income farmers with government aid d. increase farm productivity with new technologies e. maintain farmers' purchasing power relative to nonfarmers
Economics