The supply of product X is inelastic (but not perfectly inelastic) if the price of X rises by

A) 5 percent and quantity supplied rises by 7 percent.
B) 8 percent and quantity supplied rises by 8 percent.
C) 10 percent and quantity supplied remains the same.
D) 7 percent and quantity supplied rises by 5 percent.

Inelastic Supply

describes a situation where the quantity supplied of a good is not significantly affected by changes in price.

Quantity Supplied

The total amount of a product that producers are willing and able to sell at a given price over a specified period.

Price Rise

An increase in the general level of prices for goods or services over a period of time.