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Perfect Competition & Supply · Question 45 of 52

Question 45

MediumOriginal question

Supply of a perishable good such as fresh fish on a given day tends to be

Options for question 45

Show the answer and explanation
CorrectNot quiteAnswer B

Correct answer: B

Explanation

  1. The day's catch is fixed and cannot be stored, so the quantity offered hardly responds to price.

Concept
Perishability and elasticity of supply
Typical time
70 s
Your time
—
The rule this testsPrice elasticity of supply
Practise this chapter →

Ten questions from Perfect Competition & Supply, at your own pace.

Practise this chapter →

Ten questions from Perfect Competition & Supply, at your own pace.