If the Quantity Supplied of a Good Responds Strongly to a Change

question 102

Multiple Choice

If the quantity supplied of a good responds strongly to a change in the price of an input:

• A)the price elasticity of demand is inelastic
• B)the income elasticity of supply is inelastic
• C)the income elasticity of supply is elastic
• D)the price elasticity of supply is elastic

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Definitions:

Credible Communication

A form of communication that is both trustworthy and believable.

Expertise

Specialized skill or knowledge in a particular field, gained through education, training, or experience.

Relationships

The way in which two or more people or entities are connected to each other, influencing their behavior and actions.

Fixed Pie

A concept in negotiations or economics that assumes the resources or benefits to be divided are limited and constant, with any gain by one side perceived as a loss by the other.