Suppose That Two Supply Curves Pass Through the Same Point

question 64

Multiple Choice

Suppose that two supply curves pass through the same point.One is steep,and the other is flat.Which of the following statements is correct?

• A)The flatter supply curve represents a supply that is inelastic relative to the supply represented by the steeper supply curve.
• B)The steeper supply curve represents a supply that is inelastic relative to the supply represented by the flatter supply curve.
• C)Given two prices with which to calculate the price elasticity of supply,that elasticity would be the same for both curves.
• D)A decrease in demand will increase total revenue if the steeper supply curve is relevant,while a decrease in demand will decrease total revenue if the flatter supply cure is relevant.

---

Definitions:

Initial Consultation

The first meeting between a professional, such as a lawyer or doctor, and a client or patient to discuss the case or health concerns.

Specified Way

A particular method or course of action that is clearly defined or identified.

Provincial Law Societies

Professional associations in each province that regulate the practice of law, ensuring ethical standards and competence among lawyers.

Contingency Fee Agreements

Contracts between a client and a lawyer where the lawyer's fees are contingent upon winning the case, usually expressed as a percentage of the settlement or judgment.