If the Supply of a Good Is Perfectly Inelastic, the Price

question 110

Multiple Choice

If the supply of a good is perfectly inelastic, the price elasticity of supply will equal

• A) positive infinity.
• B) one.
• C) zero.
• D) none of the above.

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Definitions:

Belief Perseverance

The psychological phenomenon where individuals maintain their beliefs despite new evidence or facts that directly contradict them.

Confirmation Bias

Confirmation bias is the tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Celebrations

Events marked by special activities, ceremonies, or festivities to honor or commemorate a significant occasion or achievement.

Subjective Utility

An individual's personal assessment of the value or usefulness of an option or action, based on personal preferences and judgments.