An inelastic supply schedule means that _____
a. suppliers are unwilling to substitute away from producing the good
b. demanders are unwilling to substitute away from consuming the good
c. demanders are unwilling to substitute towards consuming the good
d. suppliers are unwilling to shift any portion of an imposed tax onto demanders
a
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Use the following two statements to answer this question:
I. Economic theories are developed to explain observed phenomena by deducing from a set of basic rules and assumptions. II. Economic theories use value judgments to determine which people ought to pay more taxes. A. Both I and II are false. B. I is false, and II is true. C. I is true, and II is false. D. Both I and II are true.
Using the midpoint method, if the price of an airline ticket from Orlando to Pittsburgh falls from $275 to $238, the percentage change in price is
A) 1442 percent. B) 14.42 percent. C) 15.54 percent. D) 13.45 percent. E) 68.00 percent.