If the Supply of a Good Is Relatively Elastic, Changing

question 118

Multiple Choice

If the supply of a good is relatively elastic, changing the price causes:

• A) a relatively small change in the amounts that buyers are willing to buy
• B) a relatively small change in the amounts sellers are willing to sell
• C) a relatively large change in the amounts sellers are willing to sell
• D) no change in the amounts sellers are willing to sell

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Definitions:

Imported Oil

Oil that is bought from foreign countries to meet domestic consumption demands.

Tariff Revenue

Income earned by a government from imposing taxes on imported goods.

Imported Oil

Oil that is bought from other countries for use, reflecting dependency on foreign sources for energy supply.

Favored Customers

Customers who receive special benefits, discounts, or terms due to their status or relationship with a seller or service provider.