Author Question: Consider the market supply curve for an agricultural commodity, which is almost perfectly horizontal ... (Read 55 times)

Apple716 · **on:** Oct 12, 2022

Question 1

Consider an industry in which sellers are prepared to sell all they can at the current price. We could say that elasticity of supply is
◦ less than zero.
◦ less than one.
◦ equal to zero.
◦ infinite.
◦ between zero and one.

Question 2

Consider the market supply curve for an agricultural commodity, which is almost perfectly horizontal at the world price of $450 per tonne. We can conclude that sellers in this market
◦ will continue to supply the same quantity regardless of the price.
◦ will not be responsive to a change in the world price.
◦ will supply no amount of the product if the price rises above $450 per tonne.
◦ will supply an infinite amount of the product regardless of the price.
◦ will sell almost no amount of the product if the price drops below $450 per tonne.

ealonif · **Reply #1 on:** Oct 12, 2022

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