Figure 7-14

-Refer to Figure 7-14.Which supply curve represents perfectly inelastic supply?
A)S₁
B)S₂
C)S₃
D)It is impossible to tell without more information.

Question

Figure 7-14
 
-Refer to Figure 7-14.Which supply curve represents perfectly inelastic supply?
A)S₁ 
B)S₂ 
C)S₃ 
D)It is impossible to tell without more information.

Quizplus · Accepted Answer

The supply curve labeled S₁ represents perfectly inelastic supply, as it is completely vertical and indicates that the quantity supplied is unaffected by changes in price.

Figure 7-14 -Refer to Figure 7-14.Which Supply Curve Represents Perfectly Inelastic Supply