If the Demand Curve for a Life-Saving Medicine Is Perfectly

question 238

Multiple Choice

If the demand curve for a life-saving medicine is perfectly inelastic, a reduction in supply will cause the equilibrium price to:

• A)rise and the equilibrium quantity to fall.
• B)rise and the equilibrium quantity to stay the same.
• C)rise and the equilibrium quantity to rise.
• D)stay the same and the equilibrium quantity to fall.
• E)fall and the equilibrium quantity to stay the same.

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Definitions:

Dependency

A situation in which one entity relies on another for support, materials, or resources.

Synergy

Synergy occurs when the combined effort of a group or system produces a greater effect than the sum of their individual effects, often leading to enhanced performance or outcomes.

Organisational Context

The internal and external environment in which an organization operates, including its culture, structure, and external market conditions.

Work Attitudes

Employees' feelings, beliefs, and thoughts about their jobs, colleagues, and organizations, which can affect their work behavior and performance.