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Quiz 19: Demand and Supply Elasticity
If the supply curve is vertical, then supply is A) relatively elastic. B) perfectly elastic. C) unit elastic. D) perfectly inelastic.
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A vertical supply curve may be described as being A) relatively elastic. B) perfectly inelastic. C) relatively inelastic. D) perfectly elastic.
If a 1 percent increase in price causes a 2 percent increase in quantity supplied, then supply is A) elastic. B) inelastic. C) unit elastic. D) infinite.
If a 10 percent increase in price causes a 5 percent increase in quantity supplied, then supply is A) elastic. B) inelastic. C) unit elastic. D) infinite.
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