If Sellers Do Not Adjust Their Quantity Supplied at All

question 81

Multiple Choice

If sellers do not adjust their quantity supplied at all in response to a change in price,the price elasticity of supply is

• A)zero,and the supply curve is horizontal.
• B)zero,and the supply curve is vertical.
• C)infinity,and the supply curve is horizontal.
• D)infinity,and the supply curve is vertical.

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Definitions:

Economic Profits

The gap between a company's overall income and its combined direct and indirect expenses.

Long Run

A period where all inputs or factors of production can be varied by firms, allowing for the adjustment to changes in the market.

Technical Prowess

Refers to the expertise and superior skill set in handling technology and technical tasks.

Innovative Designs

The creation of new or significantly improved products, services, or systems that provide novel solutions or advancements.