Economics · Supply Concepts and Elasticity
Match LIST-I with LIST-II: LIST-I (Supply Concept) A. Movement along a single supply curve B. Shift of the supply curve C. Horizontal supply curve D. Vertical supply curve LIST-II (Characteristic / Definition) I. Occurs when non-price determinants change, indicating an overall increase or decrease in supply. II. Represents perfectly inelastic supply where the quantity supplied is fixed regardless of price changes. III. Strictly reflects a change in quantity supplied caused by a change in the good's own price, leaving the curve itself unshifted. IV. Represents perfectly elastic supply where producers offer any quantity at a given price. Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A-III, B-I, C-IV, D-II✓
- 2A-I, B-IV, C-II, D-III
- 3A-IV, B-II, C-III, D-I
- 4A-II, B-III, C-I, D-IV
Correct answer
A-III, B-I, C-IV, D-II
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