Assume that the demand for a certain good is perfectly inelastic and the supply curve of the good is upward sloping. Which of the following occurs in the market for the good if the price of an input used to produce the good increases?
a. A decrease in both the quantity supplied and the equilibrium amount consumed
b. A decrease in the quantity supplied and an increase in the equilibrium price
c. A decrease in the supply and an increase in the equilibrium price
d. A decrease in both the demand and the equilibrium amount consumed
e. None of the above.
Answers: 3
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Assume that the demand for a certain good is perfectly inelastic and the supply curve of the good is...
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