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

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Definitions:

Machine Driven Industry

Industries that rely heavily on machinery and technology for production processes, marking a shift from manual to mechanized labor.

American Workers

Individuals employed in the United States, contributing to its economy and labor market.

Unskilled Workforce

A section of the labor market that has no special training or skills, typically associated with lower-paying jobs that require minimal education or training.

Prices Rose

An economic condition where the general level of prices for goods and services increases over a period.