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.

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Definitions:

Spending Variance

The difference between the actual amount spent and the budgeted amount for a particular account or category.

Supply Costs

Expenses incurred in acquiring the goods or services needed to run a business, including raw materials, parts, and utilities.

Spending Variance

The difference between the actual amount spent and the amount that was budgeted for a particular period.

Square Feet

A unit of area measurement equal to a square that is one foot on each side, commonly used in real estate and interior planning.