If the input needed by an industry has a perfectly inelastic supply,the long-run market supply curve for the industry will be
A) perfectly elastic.
B) perfectly inelastic.
C) upward-sloping.
D) downward-sloping.
E) S-shaped.

Question

Quizplus · Accepted Answer

A perfectly inelastic supply means that the quantity supplied will not change regardless of changes in price. Therefore, the long-run market supply curve for the industry will also be perfectly inelastic, meaning that the quantity supplied by the industry will not change in response to changes in price.

If the Input Needed by an Industry Has a Perfectly