Question

distinguish between perfectly inelastic supply and perfectly elastic supply

Answer 1

Answer:

perfectly inelastic supply means that asmall change in price doesnot affect the quantity supplied of acommodity....while perfectly elastic supply means that  asmall change in price leads to abig change in quantity supplied of acommodity

Explanation:

Answer 2

In Microeconomics,perfectly inelastic supply refers to a market situation in which the sellers or suppliers are completely unresponsive or insensitive to a change in price of any concerned good or service.

In contrast,perfectly elastic supply refers to perfect or a significant/considerable responsiveness or sensitivity of sellers or suppliers to even a slightest change in the price of the concerned product or service.

Explanation:

• Perfectly elastic supply basically refers to a market situation where the sellers or suppliers of any product or service are highly or extremely responsive or sensitive towards any change in the product or service price.Even a slight change in the product or service price,in this case,would lead to a significantly large or notable change in the supply of the product/service in the market.The value of perfectly elastic supply is infinity.
• In contrast,perfectly inelastic supply implies that the sellers or suppliers of any particular product or service are completely unresponsive or insensitive towards any change in price of that product or service.In this instance,even a significant or substantial change in the product or service price would not change the supply of that particular product or service by the sellers or suppliers.The mathematical value of perfectly inelastic supply is 0.