If supply is price inelastic, the value of the price elasticity of supply must be a. zero b. less than 1 c. greater than 1 d. infinite e. none of the answer choices

When supply is price inelastic, it means that producers cannot significantly increase the quantity supplied when there is a change in price. Therefore, the value of the price elasticity of supply must be less than 1. This indicates a relatively steep supply curve, where quantity supplied responds less to price changes. In real-world scenarios, price inelastic supply often occurs in markets where production capacities are constrained, such as agricultural products immediately after harvest. For instance, if farmers experience a price increase due to high demand, they might not be able to produce significantly more crops immediately since they are limited by factors like land and growing seasons.