If a good has a perfectly inelastic short-run supply curve, an increase in demand will:
a. increase the price and quantity exchanged in the short run.
b. increase the price and but leave the quantity exchanged the same in the short run.
c. increase the quantity exchanged but leave the price the same in the short run.
d. leave both price and quantity exchanged the same in the short run.
Question 2
When Fed policy is being used to offset an inflationary gap, which of interest rates, investment, net exports and aggregate demand moves in the opposite direction from the others?
a. Aggregate demand.
b. Investment.
c. Net Exports.
d. Interest rates.
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Answer the following short answer, please show your steps and include the formulas used