If the demand curve is perfectly inelastic, then an increase in supply will:
a. increase both the price and the quantity exchanged
b. increase the price but result in no change in the quantity exchanged.
c. increase the quantity exchanged but result in no change in the price.
d. decrease the price but result in no change in the quantity exchanged.
d
You might also like to view...
Which statement is true of the Battle of the Sexes game?
a. It is a coordination game. b. The mixed-strategy Nash equilibrium provides players with lower expected payoffs than other equilibria. c. The first mover has an advantage in the sequential version. d. All of the above.
A study of the impact of various government policies on economic growth would be considered:
A. macroeconomics. B. marginal economics. C. government economics. D. microeconomics.
Which of the following pairs of goods are substitutes?
a. baseballs; bats b. bicycles; bicycle helmets c. skim milk; ice cream d. domestic cameras; foreign cameras
Figure 33-7
?
In Figure 33-7, the only sustainable long-run equilibrium position is at point
A. A. B. B. C. C. D. D.