A Situation in Which There Is a Reduction in Quantity

question 298

Multiple Choice

A situation in which there is a reduction in quantity supplied to zero when there is the slightest decrease in price is

• A) perfectly elastic supply.
• B) perfectly elastic demand.
• C) perfectly inelastic supply.
• D) perfectly inelastic demand.

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Definitions:

Economic Practice

encompasses the activities, methods, and principles that individuals, businesses, and governments employ to produce, distribute, and consume goods and services.

Religious Practice

The act of engaging in rituals, ceremonies, and activities associated with a particular faith or belief system.

Reflection

The process of introspective thinking or contemplation, often for evaluating experiences or understanding complex ideas.

Passively

In a manner that accepts or allows what happens or what others do, without active response or resistance.