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Author Question: Consider the market supply curve for an agricultural commodity, which is almost perfectly horizontal ... (Read 45 times)

Apple716

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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.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by Apple716 on Oct 12, 2022

ealonif

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Apple716

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

Joy Chen

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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