In an increasing-cost industry, the long-run market supply curve is

Which of the following best describes a good with perfectly elastic supply?

A) Any increase in the price of the good leads to an increase in the seller's revenue. B) Any increase in the price of the good decreases the quantity supplied of the good by more than the price change. C) Any increase in the price of the good will induce the firm to supply an infinite quantity of the good. D) Any increase in the price of the good increases the quantity supplied of the good exactly by the amount of the price change.

If a large percentage increase in the price of a good results in a small percentage reduction in the quantity demanded of the good, demand is said to be

a. of unitary elasticity. b. relatively inelastic. c. relatively elastic. d. perfectly elastic.