If sellers do not respond at all to a change in price, Select one: O a. a long period of time must have elapsed. O b. supply must be perfectly inelastic. O c. technological advancement must be great O d. supply must be perfectly elastic.
If sellers do not respond at all to a change in price, Select one: O a. a long period of time must have elapsed. O b. supply must be perfectly inelastic. O c. technological advancement must be great O d. supply must be perfectly elastic.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 27CTQ: Can you think of an industry (or product) with near infinite elasticity of supply in the short term?...
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