Supply Is Said to Be Inelastic If the Quantity Supplied

question 112

True/False

Supply is said to be inelastic if the quantity supplied responds substantially to changes in the price and elastic if the quantity supplied responds only slightly to price.

---

Definitions:

Diffusion

The process by which an innovation is communicated through certain channels over time among the members of a social system.

Innovator

An individual or organization that introduces new ideas, products, services, or methods, often leading the way in developments within their field.

Innovators

Individuals or organizations that introduce new ideas, products, or methods, often leading change and development in their respective fields.

Marketers

Professionals or organizations engaged in promoting and selling products or services, including market research and advertising.