Supply Is Elastic If the Quantity Supplied Responds Substantially to a Change

question 102

True/False

Supply is elastic if the quantity supplied responds substantially to a change in price, and supply is inelastic if the quantity supplied responds only slightly to a change in price.

---

Definitions:

Alan Dershowitz

A prominent American lawyer and legal scholar known for his work in constitutional law and American criminal law.

Administrative Regulations

Rules and guidelines developed by governmental or organizational bodies to direct activities, implement laws, and govern operations within specific areas or functions.

Moral Absolutism

The ethical belief that there are absolute standards against which moral questions can be judged, and that certain actions are right or wrong, regardless of the context of the act.

Ethical Absolutism

The philosophical viewpoint that certain actions are absolutely right or wrong, regardless of the context or circumstances.