When the Supply of a Good Is Inelastic, an Increase

question 48

Multiple Choice

When the supply of a good is inelastic, an increase in demand will:

• A) increase prices by more than when supply is elastic.
• B) not affect quantity supplied.
• C) not affect the equilibrium price.
• D) increase quantity by more than when supply is elastic.

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Definitions:

Job Satisfaction

A measure of how content an individual is with their job, involving aspects like work environment, compensation, and personal fulfillment.

Normative Commitment

Organizational commitment based on an individual’s perceived obligation to remain with an organization.

Organizational Commitment

The strength of an individual’s identification with an organization.

Continuance Commitment

Organizational commitment based on the fact that an individual cannot afford to leave.