Supply is perfectly inelastic when:
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Correct Answer: Option C
Explanation:
Perfectly inelastic supply means producers cannot change the quantity supplied regardless of changes in price. The supply curve becomes vertical because output remains fixed. This situation is common with goods that cannot be increased immediately, such as land.
Perfectly inelastic supply means producers cannot change the quantity supplied regardless of changes in price. The supply curve becomes vertical because output remains fixed. This situation is common with goods that cannot be increased immediately, such as land.