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Inputs whose quantity of supply is fixed and does not respond to price increases are said to be A
Inputs whose quantity of supply is fixed and does not respond to price increases are said to be
A. elastic in supply.
B. inelastic in supply.
C. elastic in demand.
D. perfectly competitive.
Expert Solution
The correct option is B.
The supply is inelastic when the quantity of inputs is fixed and it does not respond to the change in prices.
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