Final answer:
A supply curve with a price elasticity of zero is defined as perfectly inelastic, indicating that quantity supplied does not change in response to price changes.
Step-by-step explanation:
If the price elasticity of supply for a good is zero between two points on a supply curve, then over this range supply is said to be perfectly inelastic.
situation represents one of the two polar cases of elasticity— zero elasticity. In the perfectly inelastic supply curve scenario, a percentage change in price, no matter how large, results in zero change in quantity supplied.
The supply curve in this case is illustrated as vertical, reflecting that quantity does not change regardless of changes in price. It's important to recognize that in economic terms, 'perfectly' implies an extreme and absolute condition. In reality, very few goods have a perfectly inelastic supply because most goods can be produced in larger quantities if the price rises enough.
When the price elasticity of supply for a good is zero between two points on a supply curve, it means that there will be no change in quantity supplied regardless of the change in price. In other words, supply is perfectly inelastic over this range. This is represented by a vertical supply curve, where quantity supplied does not respond to changes in price.