The Supply Curve for a Good Will Be More Elastic

question 267

Multiple Choice

The supply curve for a good will be more elastic if:

• A) spending on the good accounts for a large share of a consumer's income.
• B) the good is a luxury item.
• C) production inputs are readily available at a relatively low cost.
• D) there is very little time for producers to respond to a price change.

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Definitions:

Sensitivity and Warmth

Attributes reflecting the ability to understand and be tender or affectionate towards others, often critical in caregiving or interpersonal relationships.

Osteogenesis Imperfecta

A genetic disorder characterized by bones that break easily, often from little or no apparent cause.

Congenital Defect

A physical or biochemical abnormality that is present at birth and can affect the structure or function of the body.

Bone Deformities

Abnormalities in the shape or size of bones, often due to congenital reasons, disease, or injury.