If the Price Elasticity of Supply Is Less Than 1

question 225

Multiple Choice

If the price elasticity of supply is less than 1, then supply is:

• A) price elastic.
• B) price inelastic.
• C) unit price elastic.
• D) very responsive to price changes.

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Definitions:

West Antarctica

The portion of Antarctica that lies west of the Transantarctic Mountains, known for its ice sheets and dynamic glacial activity.

Global Sea Levels

Refers to the average height of the ocean's surface between the high and low tide, which has been rising due to climate change.

Isostatic Rebound

The rise of land masses that were depressed by the huge weight of ice sheets during the last glacial period, leading to adjustments in the Earth's crust.

Ice Block

A large piece of ice, formed either naturally or artificially, often used for cooling or construction in cold environments.