Supply Is Very Inelastic If the Quantity Supplied Cannot Respond

question 124

True/False

Supply is very inelastic if the quantity supplied cannot respond quickly to an increase in price.

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Definitions:

Lamellated Corpuscle

A nerve ending found in the skin and other tissues that is sensitive to pressure and vibration, also known as a Pacinian corpuscle.

Arrector Pili Muscle

A small muscle attached to hair follicles in mammals, responsible for causing hairs to stand up when the organism is cold or frightened.

Apocrine Sweat Gland

A type of gland associated with hair follicles, found in areas like the armpits and groin, secreting sweat that contains fatty materials.

Sebaceous Gland

A small skin gland that secretes sebum (oily substance) into the hair follicles to lubricate the hair and skin.