Asked by
Chloe Schmidt
on Dec 11, 2024Verified
If the supply of a good is relatively elastic, this means that the quantity supplied of the good is
A) not very sensitive to the price of the good.
B) highly sensitive to the price of the good.
C) unrelated to the price of the good.
D) none of the above.
Relatively Elastic
Describes a situation where demand for a product is sensitive to changes in its price, meaning consumers will significantly reduce or increase their demand based on price changes.
Sensitive
Responsive or easily affected by external conditions or stimuli.
- Understand the principle of elasticity within the realms of both demand and supply.
Verified Answer
AE
Learning Objectives
- Understand the principle of elasticity within the realms of both demand and supply.