34. If the quantity supplied is the same regardless of price,then supply is a. e

Question

34. If the quantity supplied is the same regardless of price,then supply is

a. elastic.

b. perfectly elastic.

c. perfectly inelastic.

a. other sellers are offering similar products.

b. buyers exert more control over the price than do sellers.

c. these markets are highly regulated by government.

d. sellers usually agree to set a common price that will alloweach seller to earn a comfortable profit.

a. applies to most goods in the economy.

b. is represented by a downward-sloping demand curve.

c. is referred to as the law of demand.

d. All of the above are correct.

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