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Capitalism

The supply is...

Question

The supply is said to be ________, when a very insignificant change in price leads to an infinite change in quantity supplied.

A

relatively more elastic

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B

perfectly elastic

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C

perfectly inelastic

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D

relatively inelastic

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Solution

The correct option is C perfectly elastic
When a very significant change in price leads to an infinite change in quantity supplied, the supply is said to be perfectly elastic.
Hence, the correct option is B.

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Q. What is elasticity of demand in a situation when percentage change in quantity is infinite in response to a finite change in price? Draw a diagram, and support your answer logically.

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