The Supply Curve of Good A,and the Supply Curve If

question 1

Multiple Choice

The supply curve of good A,and the supply curve if good B are both depicted in the following graph.Which statement is true?

• A) Supply of good A is more elastic than the supply of good B.
• B) Supply of good B is more elastic than the supply of good B.
• C) Supply of good A is unit elastic.
• D) Supply of good B is perfectly inelastic.

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Definitions:

Wages

Payments made to workers for their labor, typically based on hours worked or amount produced, and a key factor in employment contracts.

Rent

Payment made periodically by a lessee to a lessor for the use of land, a building, or another property.

Profits

The financial gain obtained when revenue from business activities exceeds expenses and taxes.

GDP

Gross Domestic Product is defined as the cumulative monetary or market value of all the finished products and services generated inside a country during a particular time frame.