When the supply curve of slaves is perfectly ________, every slave bought by the redeemers results in/is ________ held in captivity.
A) inelastic; more slaves
B) inelastic; one less slave
C) inelastic; redeemed at a lower price than expected
D) elastic; redeemed at a higher price than expected

Question

Quizplus · Accepted Answer

If the supply curve of slaves is perfectly inelastic, this means that the quantity supplied of slaves will not change regardless of the price offered for them. Therefore, when the redeemers buy a slave, it does not increase the number of slaves held in captivity, as the supply is fixed. Additionally, since the supply curve is inelastic, the price paid for the slave will be high, which is another reason why only one less slave will be held in captivity.

When the Supply Curve of Slaves Is Perfectly ________, Every