The supply of product X is perfectly inelastic if the price of X increases by ________ and, as a result of the price change, the quantity supplied ________
A. 7%; increases by 5%.
B. 10%; stays the same.
C. 8%; increases by 8%.
D. 5%; increases by 7%.
Answer: B
Economics
You might also like to view...
In the macroeconomic long run
A) real GDP is always below potential GDP. B) there is full employment with no unemployment. C) output always is above potential GDP. D) there is full employment and real GDP is equal to potential GDP.
Economics
After a massive promotional campaign of Justin Bieber's latest music album, the producers decided to raise the prices on the album. This implies that the producers expect the promotion to have made the demand for the album
a. More elastic b. Unitary elastic c. Perfectly elastic d. More inelastic
Economics