The supply of product X is perfectly inelastic if the price of X rises by:

10 percent and quantity supplied stays the same.

7 percent and quantity supplied rises by 5 percent.

5 percent and quantity supplied rises by 7 percent.

8 percent and quantity supplied rises by 8 percent.

Question

Serenity Carlson

Business

15 February, 10:54

The supply of product X is perfectly inelastic if the price of X rises by:

10 percent and quantity supplied stays the same.

7 percent and quantity supplied rises by 5 percent.

5 percent and quantity supplied rises by 7 percent.

8 percent and quantity supplied rises by 8 percent.

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Answers (1)

Know the Answer?

Micheal Yoder · Answer 1

Answer: A. 10 percent and quantity supplied stays the same.

Explanation: Perfectly inelasticity is the term used to describe a situation where a change in price for not cause an change in Demand or supply.

Certain products which are necessary products are known to exhibit perfectly inelasticity of supply or demand.

Example includes SALT, the supply of salt will generally remain the same at any price range as it is a very necessary commodity required by the body.

The supply of product X is perfectly inelastic if the price of X rises by:10 percent and quantity supplied stays the same.7 percent and quantity supplied rises by 5 percent.5 percent and quantity supplied rises by 7 percent.8 percent and quantity supplied rises by 8 percent.

The supply of product X is perfectly inelastic if the price of X rises by:

10 percent and quantity supplied stays the same.

7 percent and quantity supplied rises by 5 percent.

5 percent and quantity supplied rises by 7 percent.

8 percent and quantity supplied rises by 8 percent.