Supply Is Said to Be Inelastic If the Quantity Supplied

question 112

True/False

Supply is said to be inelastic if the quantity supplied responds substantially to changes in the price and elastic if the quantity supplied responds only slightly to price.

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Definitions:

Fugitive Slave Act

Legislation passed in the United States that allowed for the capture and return of runaway enslaved people within the territory of the United States.

States' Rights

The principle or belief that certain rights are reserved to the states as distinct from the federal government, often invoked in debates over the balance of powers.

Know-Nothing Party

A mid-19th century American political movement that was anti-immigrant and anti-Catholic, advocating for strict regulations on immigration and naturalization.

Native-born Americans

Individuals born in the United States, as opposed to those who have immigrated to the country and obtained citizenship.