When Quantity Supplied Is Not Very Responsive to a Change

question 344

Multiple Choice

When quantity supplied is not very responsive to a change in price, supply is

• A) elastic.
• B) unit-elastic.
• C) inelastic.
• D) income sensitive.

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Definitions:

Compound Entry

In accounting, it refers to a journal entry that involves more than two accounts whereby multiple debits and/or credits are made.

Accounts Payable

Liabilities representing amounts owed by an entity to suppliers or creditors for goods and services received but not yet paid for.

Fees Earned

Revenue generated from providing services, as opposed to selling goods.

Capital

Financial assets or the financial value of assets, such as funds held in deposit accounts and/or funds obtained from special financing sources.