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

question 43

Multiple Choice

If the quantity supplied responds only slightly to changes in price,what can be said about supply

• A)Supply is said to be elastic.
• B)Supply is said to be perfectly elastic.
• C)Supply is said to be inelastic.
• D)Supply is said to be unit elastic.

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Definitions:

Frequencies

The rate at which a repeated event occurs, often used in the context of how often different values appear in a dataset.

Stacked Bar Chart

A graphical representation of data where bars divided into sub-parts represent the whole and its segments.

Relative Frequency

The proportion of times a value occurs in relation to the total number of outcomes, often expressed as a percentage.

Categorical Variables

Variables that represent types or categories, where the data can be divided into groups with no inherent numerical ordering.