If Supply Decreases, the Increase in Price Will Be Smaller

question 200

True/False

If supply decreases, the increase in price will be smaller if demand and supply are highly elastic.

---

Definitions:

Opposable Thumbs

A feature of some primates' hands, allowing the thumb to touch the fingertips of the same hand, enabling grasping and manipulation of objects.

Bipedally

Walking on two feet as the primary form of locomotion, characteristic of humans and their ancestors.

Hominoids

A taxonomic group of primates that includes apes and humans, characterized by higher intelligence and more complex social structures compared to other primates.