Author Question: If the supply of a factor is perfectly inelastic, then A) no more than the existing quantity can ... (Read 27 times)

jeatrice · **on:** Jun 29, 2018

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 fall in price results in no quantity being supplied.

Question 2

Jane spends her monthly dining-out budget of 300.00 on either steak or lobster dinners. Using the above figure, what is the price of a lobster dinner?

A) 10.00
B) 15.00
C) 20.00
D) 30.00