If Supply Is Inelastic, It Follows That

question 195

Multiple Choice

If supply is inelastic, it follows that

• A)a rise in price will not change quantity supplied.
• B)a fall in price will not change quantity supplied.
• C)consumers will pay 100 percent of any tax placed on sellers.
• D)quantity supplied always changes more than price changes.
• E)none of the above

---

Definitions:

Moral Principles

Fundamental beliefs about what is right and wrong, which guide individuals’ behavior and decision-making processes.

Selflessness

Placing the needs and well-being of others before one's own interests.

Compassion

A deep awareness of and sympathy for another's suffering combined with the desire to alleviate that suffering.

Social Contract Stage

A phase in societal development where individuals agree to form a community or society under a set of shared norms, values, and rules for mutual benefit.