If the Quantity Supplied Responds Only Slightly to Changes in Price,then

question 31

Multiple Choice

If the quantity supplied responds only slightly to changes in price,then

• A)supply is said to be elastic.
• B)supply is said to be inelastic.
• C)an increase in price will not shift the supply curve very much.
• D)even a large decrease in demand will change the equilibrium price only slightly.

---

Definitions:

Random Sample

An ensemble of people picked from a bigger collection, where every member stands an equal opportunity to be chosen.

Mean Annual Salary

The average yearly earnings of employees in a particular job, sector, or region.

Confidence Interval

A depot of values, based on statistical sample analysis, envisaged to contain the value of a yet-to-be-discovered population parameter.

Nova Scotia Nurses

Registered nurses and nurse practitioners located in the province of Nova Scotia, Canada, who provide various healthcare services.