If sellers do not respond at all to a change in price,what do we know
A)Technological advancement must be small.
B)Supply must be perfectly elastic.
C)A short period of time must have elapsed.
D)Supply must be perfectly inelastic.

Question

Quizplus · Accepted Answer

If sellers do not respond at all to a change in price, it means the supply is perfectly inelastic, which indicates that the quantity supplied will not change no matter how much the price changes. This could happen in situations where the production of goods involves a fixed amount of resources, or when there are no available substitutes for a particular good, and suppliers cannot adjust the output or increase the supply to match the change in price.

If Sellers Do Not Respond at All to a Change