Price Elasticity of Supply Is Perfectly Inelastic If the Coefficient

question 72

Multiple Choice

Price elasticity of supply is perfectly inelastic if the coefficient of price elasticity of supply is

• A)infinity.
• B)1.
• C)0.
• D)-1.

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Definitions:

Social partnership arrangement

is a cooperative engagement between various stakeholders, such as governments, employers, and unions, aiming to achieve economic and social objectives through consensus and collaboration.

Stability

The state of being stable, often relating to economic or social conditions that are not subject to sudden changes or volatility.

France

A country in Western Europe known for its rich history, cultural influence, and significant contributions to art, philosophy, and science.

Exclusive representation

In labor relations, the sole and exclusive right of a union to represent all workers in a defined bargaining unit, including non-union members, in negotiations with the employer over wages, hours, and other terms of employment.