Supply Is Very Inelastic When

question 43

Multiple Choice

Supply is very inelastic when

• A)The quantity supplied changes little when the price increases.
• B)The quantity supplied changes a lot when price increases.
• C)The quantity supplied does not change at all when price increases.
• D)The quantity supplied changes only when demand changes.

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Definitions:

Geocentric

An approach in international business where company strategies are applied globally without adjusting for local conditions, viewing the world as a potential market.

International Operations

Business activities and engagements that a company conducts beyond its domestic borders, involving trade, manufacturing, or services in foreign countries.

Regiocentric

An approach in international business that involves focusing on and tailoring strategies to specific geographic regions rather than individual countries or the global market.

Ethnocentric

Characterized by or based on the attitude that one's own group is superior to others in culture or nationality.