If the Quantity Supplied Responds Only Slightly to Changes in Price,then

question 31

Multiple Choice

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

• A)supply is said to be elastic.
• B)supply is said to be inelastic.
• C)an increase in price will not shift the supply curve very much.
• D)even a large decrease in demand will change the equilibrium price only slightly.

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Definitions:

Prepaid Expense

An expense that has been paid in advance and is recorded as an asset until it is actually incurred.