Supply Is Inelastic If

question 165

Multiple Choice

Supply is inelastic if

• A)a small percentage change in price results in a larger percentage change in quantity supplied.
• B)a large percentage change in price results in a smaller percentage change in quantity supplied.
• C)the good is a normal good.
• D)the good is an inferior good.
• E)the good has many substitutes.

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Definitions:

Environmental Degradation

The deterioration of the environment through depletion of resources, destruction of ecosystems, and extinction of wildlife.

Social Inequality

A condition where societal resources, opportunities, and privileges are distributed unequally among people in a society.

Living Standards

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Worker Autonomy

The degree to which employees have the freedom, independence, and discretion in scheduling their work and determining the procedures carried out in their jobs.