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.

---

Definitions:

Competing

A conflict management style using formal authority or other power that you possess to satisfy your concerns without regard to the concerns of the party that you are in conflict with.

Conflict Management

A process aimed at reducing or eliminating sources of conflict through various strategies and problem-solving techniques.

Formal Authority

A form of power that is recognized and sanctioned by laws and regulations, and is given to individuals in specific roles or positions within a structured organization.

Legal

Pertaining to the law or the set of rules that are enforced through social institutions to govern behavior.