When Quantity Supplied Is NOT Very Responsive to a Change

question 277

Multiple Choice

When quantity supplied is NOT very responsive to a change in price, supply is

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

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Definitions:

Federal Income Taxes

Taxes levied by the U.S. federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.

State Income Taxes

State income taxes refer to taxes imposed by individual states on the income earned by residents and businesses within their jurisdiction.

Par Value

Par value is the nominal or face value of a bond, share of stock, or other financial instrument, as stated by the issuer.

Articles of Incorporation

A document filed with a state by the founders of a corporation detailing the major components of a company, such as its objectives, structure, and planned operations.