If the Supply of a Good Is Very Elastic, Then

question 137

Multiple Choice

If the supply of a good is very elastic, then any increase in demand for the good will have a:

• A) big impact on the price of the good.
• B) very small impact on the price of the good.
• C) very small impact on the equilibrium quantity exchanged.
• D) limiting effect on the quantity sold.

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Definitions:

Admitting Fault

The act of acknowledging and taking responsibility for one's mistakes, errors, or shortcomings.

Explaining a "No"

The process of providing reasons or justifications for rejecting a request or proposal.

Damaging "No"

A refusal or rejection that may cause harm, negative consequences, or impair relationships.

Direct Approach

A method of communication that is straightforward and to the point, without unnecessary details or digressions.