The supply of product X is perfectly inelastic if the price of X rises by:
A. 5 percent and quantity supplied rises by 7 percent.
B. 8 percent and quantity supplied rises by 8 percent.
C. 10 percent and quantity supplied stays the same.
D. 7 percent and quantity supplied rises by 5 percent.
Answer: C
Economics
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Using the information in Table 6.2, the percent increase in prices over the two year period from 2014 to 2016 is approximately
A) 26 percent. B) 31 percent. C) 38 percent. D) 98 percent.
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A firm that engages in strategic behavior:
a. fits the definition of a natural monopoly. b. does not seek to maximize long-term profit. c. may attempt to influence the behavior of other firms. d. takes the market price as given, as does a perfectly competitive firm.
Economics