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Question
which of the following situations would be an example of the most inelastic supply?○ seats at the staples center○ car washes at local car wash○ chicken sandwiches made at popeyes○ paintings made by leonardo da vinci (dead artist)question 5 1 ptsthe additional cost of producing one more unit is called:○ fixed cost○ marginal cost○ variable cost○ total cost
For the first question: Inelastic supply means the quantity supplied cannot change in response to price changes. Leonardo da Vinci is deceased, so no new original paintings can be created—supply is fixed and perfectly inelastic, more so than the other options which can increase supply (e.g., add more car wash stations, make more sandwiches, or potentially expand a venue's seating over time).
For the second question: This is a core definition in cost economics; marginal cost specifically refers to the cost of producing one additional unit of a good.
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- Paintings made by Leonardo da Vinci (dead artist)
- Marginal cost