An inelastic supply schedule means that _____.
A)suppliers are unwilling to substitute away from producing the good
B)demanders are unwilling to substitute away from consuming the good
C)demanders are unwilling to substitute towards consuming the good
D)suppliers are unwilling to shift any portion of an imposed tax onto demanders

Question

Quizplus · Accepted Answer

An inelastic supply schedule means that suppliers are unwilling or unable to increase their production of the good, even if the price of the good increases. This could be due to limited resources or technology, or a lack of viable substitutes for producing the good. Inelastic supply schedules often result in higher prices for the good, as demanders must pay a premium to acquire the limited supply.

An Inelastic Supply Schedule Means That _____