A perfectly inelastic supply curve is a: Group of answer choices vertical line indicating that a...
A perfectly inelastic supply curve is a:
Group of answer choices
vertical line indicating that a very large increase in price will increase the quantity supplied.
vertical line indicating that even a very large increase in price won't increase the quantity supplied.
horizontal line indicating that a very small increase in price will increase the quantity supplied.
horizontal line indicating that even a very small increase in price won't increase the quantity supplied.
Homework Answers
Answer - vertical line indicating that even a very large increase in price won’t increase the quantity supplied.
In case of perfectly inelastic supply, the supply curve will be vertical parallel to price axis. It indicates that the quantity supplied doesn’t respond to the change in price. The quantity supplied remains constant at all prices. In this case the supply elasticity will be zero.
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