When a 5 Percent Increase in Price Leads to an 8

question 44

True/False

When a 5 percent increase in price leads to an 8 percent increase in quantity supplied, supply is inelastic.

---

Definitions:

Anatomy

The branch of biology concerned with the study of the structure of organisms and their parts.

Physiology

The branch of biology that deals with the functions and activities of living organisms and their parts, including all physical and chemical processes.

GI

Short for gastrointestinal, relating to the stomach and intestines.

Oxygen

A chemical element (O) vital for most forms of life on Earth, involved in cellular respiration.