If the Price Elasticity of Supply Is Less Than 1

question 225

Multiple Choice

If the price elasticity of supply is less than 1, then supply is:

• A) price elastic.
• B) price inelastic.
• C) unit price elastic.
• D) very responsive to price changes.

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Definitions:

Education System

The collective institutions, policies, and processes that are designed to provide educational services and opportunities to the population.

Equalizer

In general terms, an equalizer is a device or tool used to adjust the balance between frequency components of an audio signal. In a broader social context, it can refer to anything that levels the playing field among people.

Sociologically

Pertaining to the study of social behaviors, structures, and functions within human societies.

Girls and Boys

Terms that refer to the two primary categories of gender identity, traditionally based on biological and physiological differences at birth.