If the supply of a product is inelastic, then what will happen if there is a 25 percent change in price?
1) a 25 percent change in price will lead to more than 25 percent change in quantity supplied.
2) a 25 percent change in price will lead to a 100 percent change in quantity supplied.
3) a 25 percent change in price will lead to less than 25 percent change in quantity supplied.
4) a 25 percent change in price will lead to a 25 percent change in income.