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If quantity supplied is constant irrespective o... - JAMB Economics 2012 Question

If quantity supplied is constant irrespective of price changes, the supply elasticity is

A
unitary
B
infinity
C
fairly elastic
D
perfectly inelastic
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Correct Option: D

The question describes a situation where the quantity supplied does not change regardless of price fluctuations. This scenario directly reflects the definition of perfectly inelastic supply.

  • Perfectly Inelastic Supply: Quantity supplied remains the same, no matter the price change. The elasticity of supply is zero.
  • Unitary Elasticity: Percentage change in quantity supplied equals the percentage change in price.
  • Infinity (Perfectly Elastic): Quantity supplied changes infinitely with any price change.
  • Fairly Elastic: Supply is responsive to price changes, but not to an extreme degree.
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