The Supply of a Good Tends to Be More Elastic

question 67

Multiple Choice

The supply of a good tends to be more elastic if:

• A) a change in the price of the good causes only a small change in the quantity supplied.
• B) the good is considered a necessary good.
• C) production can be expanded without causing a big increase in the price of its inputs.
• D) an increase in production has only a minimal impact on demand for the good.

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Definitions:

Personal Use

The use of a property or asset for individual needs or consumption, not for business or professional purposes.

Royalty Income

Income derived from the use of an individual's property, such as patents, copyrighted works, mineral rights, or other assets, that is paid by the user to the proprietor or creator.

Schedule C

A form used by sole proprietors to report profits or losses from a business to the IRS.

Published

Made publicly known or available, typically in reference to written, visual, or audible content.