If a Product Has a Short-Run Elasticity of Supply Equal

question 352

Multiple Choice

If a product has a short-run elasticity of supply equal to zero, then an increase in the demand for the product will

• A)have no effect on price or quantity sold.
• B)increase price and leave quantity sold unchanged.
• C)increase price and reduce the quantity sold to zero.
• D)leave the price unchanged and reduce the quantity sold.

---

Definitions:

Cognition

The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.

Gardner's Multiple Intelligences

Gardner's Multiple Intelligences theory proposes that intelligence is not a single general ability, but rather is composed of various distinct types of cognitive capabilities.

Tacit

Understood or implied without being stated openly; known intuitively or through unspoken context.

Cross-Cultural Study

A research method that involves comparing cultures or different cultural groups, to understand universal and specific behaviors or social phenomena.