When a Supply Curve Is Relatively Flat

question 78

Multiple Choice

When a supply curve is relatively flat,

• A)sellers are not very responsive to changes in price.
• B)supply is relatively inelastic.
• C)supply is relatively elastic.
• D)Both a and b are correct.

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Definitions:

Customer Service Department

A division within a company that handles customer inquiries, complaints, and provides support and assistance.

Variable Costs

Money spent that varies depending on the quantity of items made or sold, including the expenses for materials and manpower.

Fixed Costs

Costs that remain constant regardless of the amount of goods produced or sold during a specific timeframe, including rent, wages, and insurance premiums.

Variable Medical Expenses

Costs associated with medical care that vary with the level of services used by a patient.