If the Supply Curve Is Relatively Flat,then the Price Elasticity

question 144

Multiple Choice

If the supply curve is relatively flat,then the price elasticity of supply will be

• A) relatively large.
• B) relatively low.
• C) negative.
• D) decreasing at an increasing rate.

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price.

Quantity Supplied

The quantity of a product or service that suppliers are ready and can offer for sale at a particular price during a defined timeframe.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price, in a given time period.

Coffee

A brewed drink prepared from roasted coffee beans, which are the seeds of berries from the Coffea plant.