Suppose Demand Is Perfectly Inelastic,and the Supply of the Good

question 300

Multiple Choice

Suppose demand is perfectly inelastic,and the supply of the good in question decreases.As a result,

• A)the equilibrium quantity decreases,and the equilibrium price is unchanged.
• B)the equilibrium price increases,and the equilibrium quantity is unchanged.
• C)the equilibrium quantity and the equilibrium price both are unchanged.
• D)buyers' total expenditure on the good is unchanged.

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Definitions:

Political Life

The aspect of society that deals with the structure, processes, and activities related to governance, policymaking, and public administration.

Indirect Influence

The subtle or unintentional effects on individuals or society by cultural texts, media, or other external factors, often shaping attitudes or behaviors without direct persuasion.

Key Feature

is a primary or distinctive attribute of a product or service that sets it apart from its competitors.

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A process of learning that occurs through observing the behavior of others and the outcomes of those behaviors.