Table 5-9 ​

question 120

Multiple Choice

Table 5-9
​
-Refer to Table 5-9. Which of the three supply curves represents the most elastic supply?

• A)supply curve A
• B)supply curve B
• C)supply curve C
• D)There is no difference in the elasticity of the three supply curves.

---

Definitions:

Price Ceiling

A maximum price that sellers may charge for a good, usually set by government.

Government Setting

The environment and conditions created by governmental policies, laws, and regulations.

Price Of Pencils

The amount of money required to purchase a pencil, determined by factors such as production costs, demand, and supply.

Price Ceiling

A government-imposed limit on how high a price can be charged on a product or service, intended to protect consumers from conditions that could make necessary goods unaffordable.