The Supply Curve in a Market Is Vertical Instead of Upsloping

question 244

Multiple Choice

The supply curve in a market is vertical instead of upsloping whenever

• A) all buyers are willing to pay only one price for the item.
• B) sellers have no flexibility in setting the price of the item.
• C) buyers want to buy a fixed quantity regardless of price.
• D) sellers have a fixed quantity of the item for sale.

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Definitions:

Skilled Labour

Workforce with specialized knowledge, training, or abilities to perform complex tasks.

Maximise Profitability

The strategic approach businesses use to increase their profits to the highest possible level by optimizing operations, costs, and revenues.

Available Hours

The total number of hours in a given period that can be utilized for productive work or services.

Predatory Pricing

A strategy where a business sets very low prices with the intent to drive competitors out of the market or discourage new entries.