The Supply of Product X Is Perfectly Inelastic If the Price

question 210

Multiple Choice

The supply of product X is perfectly inelastic if the price of X rises by

• A)5 percent and quantity supplied rises by 7 percent.
• B)8 percent and quantity supplied rises by 8 percent.
• C)10 percent and quantity supplied stays the same.
• D)7 percent and quantity supplied rises by 5 percent.

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Definitions:

Natural Selection

A fundamental mechanism of evolution, whereby individuals with traits better suited to their environment are more likely to survive and reproduce, passing those traits to future generations.

Evolutionary Process

The gradual development of organisms and species over time through mechanisms such as natural selection and genetic drift.

Cultural Evolution

The process by which societies and cultures change over time, including changes in beliefs, practices, technologies, and social structures.

Natural Selection

A process by which organisms better adapted to their environment tend to survive and produce more offspring.