Which of the Following Statements Is Not Valid When Supply

question 80

Multiple Choice

Which of the following statements is not valid when supply is perfectly elastic?

• A)The elasticity of supply approaches infinity.
• B)The supply curve is horizontal.
• C)Very small changes in price lead to very large changes in quantity supplied.
• D)The time period under consideration is more likely a short period rather than a long period.

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Definitions:

Granitic Rocks

Igneous rocks primarily composed of quartz, feldspar, and mica, known for their coarse-grained texture.

Metamorphism

A geological process where rocks undergo physical and chemical changes due to extreme heat and pressure, forming new types of rocks.

Solidified Conduit

A hardened geological structure formed from the cooling and solidification of magma within a volcanic conduit.

Volcanic Neck

A column of solidified lava or igneous rock formed in a volcanic vent, usually exposed by erosion of the surrounding rock.