Asked by Karen Macauley on Jun 18, 2024
Verified
The supply curve in the graph above is
A) perfectly elastic.
B) relatively elastic.
C) perfectly inelastiC.
D) relatively inelastic.
Supply Curve
A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing to produce and sell.
Perfectly Elastic
Describes a situation in which the demand or supply for a product responds immediately and proportionately to changes in price, leading to an infinite elasticity.
- Acquire knowledge on how rent and land use affect economic outcomes.
Verified Answer
TZ
Tracy ZhangJun 21, 2024
Final Answer :
C
Explanation :
A perfectly inelastic supply curve is vertical, indicating that the quantity supplied does not change regardless of the price.
Learning Objectives
- Acquire knowledge on how rent and land use affect economic outcomes.