If the Supply of a Factor Is Perfectly Inelastic,then

question 45

Multiple Choice

If the supply of a factor is perfectly inelastic,then

• A) no more than the existing quantity can be supplied.
• B) the supply curve is horizontal.
• C) sellers will provide whatever quantity is demanded at the going price.
• D) a rise in price results in no quantity being supplied.
• E) a fall in price results in no quantity being supplied.

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Definitions:

Critical Value

A point on the test distribution that is compared to the test statistic to determine whether to reject the null hypothesis in hypothesis testing.

Wilcoxon Signed Rank Test

A statistical test that does not assume a specific distribution, designed to compare two related samples, matched pairs, or repeated measurements from the same sample.

Nonzero Differences

Instances where there is a measurable or observable difference between two entities or measurements, not equal to zero.

Wilcoxon Signed-Rank Test

Employing no assumptions about data parameters, this statistical test is used for examining whether the population mean ranks differ across two related samples, matched samples, or repeated tests on the same individual sample.