Asked by
Hannah Clarke
on Dec 11, 2024
Verified
If the supply of a good is relatively inelastic, 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.
Inelastic
A characteristic of a good or service whose quantity demanded or supplied changes by a smaller percentage than changes in price.
Sensitive
Capable of perceiving with the senses or responsive to stimuli or changes in the environment.
- Absorb the theory of elasticity as it applies to demand and supply situations.
Verified Answer
JJ
Learning Objectives
- Absorb the theory of elasticity as it applies to demand and supply situations.