If Firms Do Not Increase Their Quantity Supplied When Price

question 201

Multiple Choice

If firms do not increase their quantity supplied when price changes, then supply is

• A)perfectly elastic.
• B)perfectly inelastic.
• C)relatively inelastic.
• D)elastic.

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Definitions:

Lascaux

A complex of caves in southwestern France famous for its Paleolithic cave paintings, featuring detailed representations of animals, humans, and abstract signs, dating back around 17,000 years.

Colored Silhouette

A form of artwork that uses outlines to depict figures or objects, filled with solid colors, creating a stark contrast with the background.

Relief

In sculpture, figures projecting from a background of which they are part. The degree of relief is designated high, low (bas), or sunken. In the last, the artist cuts the design into the surface so that the highest projecting parts of the image are no higher than the surface itself. See also repoussé.

Incised

Cut or engraved into a surface with sharp tools, a technique used in various forms of artwork and decoration.