Supply Is Said to Be Inelastic If the Quantity Supplied

question 112

True/False

Supply is said to be inelastic if the quantity supplied responds substantially to changes in the price and elastic if the quantity supplied responds only slightly to price.

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Definitions:

Actor-observer Effect

A social psychology concept suggesting that people tend to attribute their own actions to external situations while attributing others' actions to their personalities.

Situational Causes

Refer to the external factors or circumstances that can lead to certain behaviors or outcomes.

Dispositional Causes

Factors related to an individual's personality traits or characteristics that influence behavior.

Conformity Rates

The likelihood or rate at which individuals adapt their behavior or beliefs to match those of a group.