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

You might also like to view...

Which of the following is an implicit cost of going to college?

a. Tuition. b. Books. c. Lost income. d. Future income. e. Room and board.

Economics

If demand deposits increase, the result is that

a. required reserves must increase b. the reserve ratio must increase c. all banks are "loaned up" d. the number of loans must decrease e. all banks are suffering a loss

Economics

To raise the United States' rate of economic growth, we need more and better _______ as well as more and better ________.

Fill in the blank(s) with the appropriate word(s).

Economics

The Bureau of Labor Statistics would categorize a person as ________ if they were temporarily away from their job because they were ill

A) employed B) unemployed C) a discouraged worker D) out of the labor force

Economics