When Quantity Supplied Is Very Responsive to a Change in Price

question 356

Multiple Choice

When quantity supplied is very responsive to a change in price, supply is

• A) elastic.
• B) unit-elastic.
• C) inelastic.
• D) income sensitive.

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Definitions:

Financial Statements

Reports that provide an overview of a company's financial condition, including income statement, balance sheet, and cash flow statement.

Petty Cash Fund

A modest cash reserve used for quick payments for assorted trifling expenses.

Replenished

The process of refilling or restocking items to their required or previous level, often used in inventory and supply chain management.

Office Supplies

Consumable items used in offices or businesses for daily operations, such as stationery, printer ink, and cleaning supplies.