If the elasticity of supply of a good is ∞, then its A. supply curve is...
If the elasticity of supply of a good is ∞, then its
A. supply curve is horizontal.
B. demand curve must be vertical.
C. supply curve is vertical.
D. supply curve is positively sloped.
Homework Answers
Answer
Option A
The elasticity is infinity means the supply curve is horizontal at a price as the price changes the supply will be zero.
The supply is denoted by only a fixed price where any quantity is supplied and below or above of that price there is no supply possible.
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If the elasticity of supply of a good is ∞, then its
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13. How much is the price elasticity of supply if the supply
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15. Refer to the accompanying table, calculate the price
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13. How much is the price elasticity of supply if the supply
curve is vertical?
14. Consider the demand for good E. If the number of
substitutes for good E decreases, will the demand become more
elastic?
15. Refer to the accompanying table, calculate the price
elasticity of demand for erasers if the price of erasers decreases
from $2.5 to $1 using the midpoint method.
Price of Erasers Quantity Demanded Quantity Demanded
of Erasers of Pencils
$.50 10 12
$1.00...
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