If Sellers Do Not Adjust Their Quantities Supplied at All

question 42

Multiple Choice

If sellers do not adjust their quantities supplied at all in response to a change in price,

• A)advances in technology must be prevalent.
• B)the time period under consideration must be very long.
• C)supply is perfectly elastic.
• D)supply is perfectly inelastic.

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Definitions:

Plan B

A backup plan or alternative strategy in case the original plan fails or circumstances change.

Social Influence

The effect of other people's actions, perceptions, or behavior on an individual's attitudes, beliefs, or actions.

Majority And Minority

Terms related to the larger part of a group (majority) and the smaller part or subgroups within it (minority), often discussed in the context of social dynamics and power structures.

Social Impact

The influence or effect of an individual or group on others, often measured by changes in behaviors, attitudes, or social structures.