What do we know about a good when it has a perfectly inelastic supply? If a good has a perfectly inelastic supply, 2::- A. then as we move along the supply curve, the percentage change in the quantity supplied is greater than the percentage change in price {:3 B. then as we move along the supply curve, the percentage change in the quantity supplied equals the percentage change in price {:2- C. an almost zero percentage change in price brings a very large percentage change in the quantity supplied {:3- D. the supply curve for this good is vertical Which of the following statements describes a perfectly inelastic demand? {:3 A. A large number of youngsters buy roses from Colombian rose-growers before Valentine's Day. {:3 B. The government is promoting generic drugs that are much cheaper. {:3 C. I prefer taking the subway to work rather than driving because of high fuel prices. {:3 D. Walgreens does not nd any change in the number of people buying chlorthalidone after a 7 percent rise in its price. The graph shows the market for ice cream cones. Price (dollars per ice cream cone) 5.50 Suppose the government requires producers to sell 25 cones a day. 5.00- Is the market for cones efficient or inefficient? Why? 4.50- S 4.00- 3.50- This market is because the marginal benefit of the last cone produced the marginal cost of the last cone produced. 3.00- 2.50- O A. efficient; exceeds 2.00- O B. inefficient; exceeds 1.50- O C. inefficient; is less than 1.00- O D. efficient; is less than D 0.50- When the government requires producers to sell 25 cones a day, the deadweight loss is $ 0.00+ 10 15 20 25 30 35 Quantity (ice cream cones per day)