A Good with a Perfectly Inelastic Supply Has a Price

question 69

Multiple Choice

A good with a perfectly inelastic supply has a price elasticity of supply that is ________.

• A) equal to zero
• B) between zero and one
• C) equal to one
• D) greater than one

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Definitions:

Contributing Parties

Entities or individuals that contribute resources, information, or efforts towards a common project, goal, or agreement.

Fungible Goods

Items or goods that are interchangeable with others of the same type, quality, and quantity.

Gross Negligence

A lack of care that demonstrates a reckless disregard for the safety or lives of others, significantly beyond ordinary negligence.

Bailment

The temporary placement of control or possession of personal property into someone else's hands, for a specific purpose, with the expectation of its return.