Supply Is Very Inelastic If the Quantity Supplied Cannot Respond

question 124

True/False

Supply is very inelastic if the quantity supplied cannot respond quickly to an increase in price.

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Definitions:

Grow More Slowly

A process or condition of developing or increasing in size or scale at a pace that is less rapid than expected or typical.

Accumulated Degree Hours

Accumulated degree hours are a unit of measure used in forensic entomology to estimate the postmortem interval (PMI) based on the growth rate of insects at different temperatures.

Incorporate

To include or take in something as part of a whole; to assimilate into a body or structure.

Values

Principles or standards of behavior; one's judgment of what is important in life or in a specific situation.