The Supply of Product X Is Inelastic (But Not Perfectly

question 317

Multiple Choice

The supply of product X is inelastic (but not 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 remains the same.
• D)7 percent and quantity supplied rises by 5 percent.

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Definitions:

Sternohyoid

A muscle in the neck that depresses the hyoid bone and larynx during swallowing and speaking.

Teres Major

A muscle of the upper arm that assists in rotating and adducting the arm, located near the shoulder.

Intercostal Muscles

Muscles located between the ribs that help in the process of respiration, aiding in the expansion and contraction of the chest cavity.

Mandible

The lower jawbone in vertebrates, forming the lower part of the skull.