If the Quantity Supplied Responds Only Slightly to Changes in Price

question 171

Multiple Choice

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

• A) supply is said to be elastic
• B) increases in supply resulting from an increase in price will not shift the supply curve very much
• C) supply is said to be inelastic
• D) supply is said to be unit elastic

---

Definitions:

Classical Conditioning

A learning process that occurs through associations between an environmental stimulus and a naturally occurring stimulus.

Ivan Pavlov

Ivan Pavlov was a Russian physiologist best known for his discovery of classical conditioning, through his experiments with dogs, salivation, and the presentation of stimuli.

John B. Watson

An American psychologist who established the psychological school of behaviorism, emphasizing the study of observable behavior.

Dendrites

The branched part of a neuron that receives impulses and conducts them toward the cell body.