If the demand for a good is extremely inelastic, a large increase in the cost of supplying it will
A) raise its price substantially and increase the total dollars spent to purchase it.
B) raise its price substantially but decrease the total dollars spent to purchase it.
C) raise its price very little and decrease the total dollars spent to purchase it.
D) raise its price very little but increase the total dollars spent to purchase it.
Question 2
Alex is a non-union employee in a factory. If the union negotiates certain benefits for the employees, Alex enjoys all the benefits although he does not pay the union fee. His behavior is an example of ________.
A) rent-seeking
B) free-riding
C) profit maximizing
D) rivalry
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