If a Good Has a Perfectly Inelastic Short-Run Supply Curve

question 95

Multiple Choice

If a good has a perfectly inelastic short-run supply curve, an increase in demand will:

• A)​increase the price and quantity exchanged in the short run.
• B)​increase the price and but leave the quantity exchanged the same in the short run.
• C)​increase the quantity exchanged but leave the price the same in the short run.
• D)​leave both price and quantity exchanged the same in the short run.

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Definitions:

Predict

To predict means to declare or indicate a future event or outcome based on observation, reasoning, or scientific evidence.

Time Spent

The duration or period during which an action takes place or an individual is engaged in a particular activity.

Mean

The average of a set of numbers, calculated by adding them all together and then dividing by the total number of values.

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution of data, commonly the mean, median, or mode.