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:

Market Characteristics

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Borda Count

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Pairwise Voting

A voting system where candidates are compared to each other in pairs, with the winner being the one who wins the most one-on-one comparisons.

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