If the Market for Hula-Hoops Is Characterized by a Very

question 41

Multiple Choice

If the market for hula-hoops is characterized by a very inelastic supply curve and a very elastic demand curve,an inward shift in the supply curve would be reflected primarily in the form of

• A)higher prices.
• B)higher output.
• C)lower prices.
• D)lower output.

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Definitions:

Drinking Water

Water that is safe and clean for human consumption, free from contaminants and harmful organisms.

Equilibrium Expression

A mathematical representation of the ratio of the concentrations of products to reactants at equilibrium, indicating the extent of a reaction.

Reaction

A process in which substances interact, leading to the transformation of chemical substances into others through the making and breaking of chemical bonds.

Arsenic

A toxic metalloid element with the symbol As, used in various alloys, semiconductors, and as a poison.