GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Rising
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Vertical
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Horizontal
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Falling
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Detailed explanation-1: -Perfectly inelastic supply curve is vertical to the y-axis. This implies a change in price will not result in any change in quantity supplied.
Detailed explanation-2: -A vertical supply curve is said to be perfectly inelastic. A horizontal supply curve is said to be perfectly elastic. The price elasticity of supply is greater when the length of time under consideration is longer because over time producers have more options for adjusting to the change in price.
Detailed explanation-3: -A product has a perfectly inelastic supply when the quantity supplied is the same regardless of price. The product’s supply curve is vertical.
Detailed explanation-4: -Figure %: Elastic and Inelastic Curves At the extremes, a perfectly elastic curve will be horizontal, and a perfectly inelastic curve will be vertical.