The supply of product X is perfectly inelastic if the price of X increases by _______ and, as a result of the price change, the

Question

3 years ago

13

The supply of product X is perfectly inelastic if the price of X increases by _______ and, as a result of the price change, the

quantity supplied __________________ rev: 05_14_2018 Multiple Choice a) 5%; increases by 7%. b) 8%; increases by 8%. c) 10%; stays the same. d) 7%; increases by 5%.

Business

1 answer:

konstantin123 [22] · Answer 1 · 2022-07-21T18:37:12+03:00

Answer:

c) 10%; stays the same.

Explanation:

Elasticity of supply measures the degree of responsiveness of quantity supplied to changes in price.

Supply is perfectly inelastic if a change in price has no effect on quantity supplied. The quantity supplied remains unchanged despite changes in price.

I hope my answer helps you