If sellers do not adjust their quantity supplied at all in response to a change in price, the price elasticity of supply is
a. zero, and the supply curve is horizontal.
b. zero, and the supply curve is vertical.
c. infinity, and the supply curve is horizontal.
d. infinity, and the supply curve is vertical.
b
Economics
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A single firm in a contestable market is limited in the amount of economic profit it can earn because there
A) are barriers to entry. B) are no barriers to entry. C) is collusion. D) are government regulations limiting its profit.
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