Question: If the quantity supplied responds only slightly to changes in price, then supply is said to be inelastic. supply is said to be elastic. even

If the quantity supplied responds only slightly to changes in price, then
supply is said to be inelastic.
supply is said to be elastic.
even a large decrease in demand will change the equilibrium price only slightly.
an increase in price will not shift the supply curve very much.
If the quantity supplied responds only slightly

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Forrest runs Y Not Flowers, Inc. (YNF), a wholesale flower distributor with stores in several major metropolitan areas of the U.S. He is considering expanding his business, but he thinks his current...

Q:

If the quantity supplied responds only slightly to changes in price, then Group of answer choices supply is said to be inelastic. even a large decrease in demand will change the equilibrium price...

Q:

In order to answer these questions, you will need to read Chapter 9: " Market Equilibrium & Product Price - Imperfect Competition Question #1: Explain the 3 types of "Imperfect" market structures...

Q:

Price Elasticity of Demand The law of demand states that a fall in the price of a product raises the quantity demanded for the product, whereas an increase in price leads to a decrease in quantity...

Q:

The law of demand states that a fall in the price of a product raises the quantity demanded for the product, whereas an increase in price leads to a decrease in quantity demanded for the product. The...

Q:

1 Which of the following will cause the demand for a normal good to increase? A decrease in consumers' income A decrease in the price of a complementary good A decrease in the price of a substitute...

Q:

Part 1 - Article Analysis - Read the article excerpt and answer the questions. "The U.S. average retail price per gallon of regular motor gasoline has fallen 28% from its 2014 peak of $3.70 per...

Q:

SECTiON A [100 MARKS] Answer ALL the questions in this section. Choose the most appropriate answer. Write down the letter that represents the correct answer next to each number in your answer...

Q:

Answer the microeconomics questions below. Econ 1101: Principles of Microeconomics Questions 2-4 consider the market for coal. For each of the following situations, determine what happens to the...

Q:

1) In Adam Smith's view of capitalism a)a country should emphasize exports over imports to enhance its wealth b)the government should play a major role in allocating resources c)specialization would...

Q:

In economics, elasticity refers to the responsiveness of one variable to changes in income only the same variable another variable price only If the percentage change in quantity demanded divided by...

Q:

8. (Vectors) The summit of a mountain, 2450 m above base camp, is mea- sured on a map to be 4580 m horizontally from the camp in a direction 38.4 west of north. What are the components of the...

Q:

18. You are comparing two annuities that pay cash annually for twelve years. The annuities are identical except for the payment dates. Annuity A pays on the last day of each year but annuity B pays...

Q:

Requirement 2 . If the market interest rate is 8 % when TCU issues its bonds, will the bonds be priced at face value, at a premium, or at a discount? Explain The 7 % bonds issued when the market...

Q:

Cules son las predicciones de emisiones? Hay acuerdo entre los estados miembros? Cules son los principales retos a los que se enfrenta la UE en este sentido?