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Question
When there is no change in price, but quality supplied changes, it implies a situation of ______.
Options
Relatively elastic supply
Relatively in elastic supply
Perfectly inelastic supply
Perfectly elastic supply
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Solution
When there is no change in price, but quality supplied changes, it implies a situation of perfectly elastic supply.
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RELATED QUESTIONS
Identify the elasticity of supply (es) of S1, S2 and S3 supply curves:
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