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Theory of Supply — Economics STD 10 — Question

ICSE BoardEnglish MediumSTD 10EconomicsTheory of Supply2 Marks
Question
What do you mean by perfectly inelastic supply?
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Answer

When the quantity supplied of a commodity does not change at all in response to change (increase or decrease) in the price of the commodity, the supply for that commodity is said to be perfectly inelastic. The supply curve will be vertical line parallel to the y-axis.

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