If the Supply of a Good Is Relatively Elastic, This

question 80

Multiple Choice

If the supply of a good is relatively elastic, this means that the quantity supplied of the good is

• A) not very sensitive to the price of the good.
• B) highly sensitive to the price of the good.
• C) unrelated to the price of the good.
• D) none of the above.

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Definitions:

Destination Contract

A contract specifying that the seller is responsible for delivering goods to a particular destination, with the risk of loss transferring upon delivery.

Bill Of Lading

A legal document issued by a carrier to a shipper, detailing the type, quantity, and destination of the goods being carried.

Title

A legal term referring to the legal right of ownership of property or asset.

Gem Vehicles

Electric vehicles produced by Global Electric Motorcars, known for their eco-friendly and compact designs suitable for low-speed transportation needs.