Asked by
Paige Sheldrake
on Dec 11, 2024
Verified
If a small percentage increase in the price of a good results in a rather large percentage increase in the quantity supplied of the good, supply is said to be
A) vertical.
B) relatively inelastic.
C) relatively elastic.
D) robust.
Relatively Elastic
Refers to a situation where the quantity demanded or supplied of a good changes significantly in response to changes in price.
Percentage Increase
calculates the rate at which a quantity grows over a period, expressed as a fraction of its original value.
- Acquire knowledge on the subject of elasticity in the context of demand and supply.
Verified Answer
DE
Learning Objectives
- Acquire knowledge on the subject of elasticity in the context of demand and supply.