1:08 15G 66 Done Quiz 2- (5%).docx 11. Assume that the price of product X rises by 13 percent and the quantity supplied of X increases by 15 percent. The supply for good X is: A. perfectly elastic B. perfectly inelastic C. inelastic D. elastic E unit-elastic 12. A supply curve that is parallel to the vertical axis suggests that the relevant time period is: A. the immediate run B. the short run C. the long run, and this is an increasing-cost industry D. the long run, and this is a constant-cost industry E. the long run, and this is a decreasing-cost industry 13. Suppose the price elasticity of demand is inelastic, then: A. a 1 percent fall in the price will lead to a higher than 1 percent increase in quantity demanded. B. a 1 percent increase in the price will lead to a lower than 1 percent decrease in quantity demanded. Ca 1 percent fall in the price will lead to a lower than 1 percent decrease in quantity demanded. D. a 1 percent increase in the price will lead to a higher than 1 percent decrease in quantity demanded. E. a 1 percent fall in the price will lead to a 1 percent increase in quantity demanded. 14. Delar AVC -AFC Quantity Refer to the figure above. At output level 0Q, average fixed cost: A. is equal to the distance EF. B. is equal to the distance QE.. C. is equal to the distance QF D. is equal to the distance QD. E. must be increasing