If Supply Is Elastic, the Supply Curve Will Be Nearly

question 48

True/False

If supply is elastic, the supply curve will be nearly vertical.

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Definitions:

Marginal Benefit

The increased pleasure or advantage received from the consumption or creation of an additional unit of a good or service.

Marginal Benefit

The supplementary enjoyment or value derived by a person upon consuming an extra unit of a particular good or service.

Marginal Cost

The cost of producing one additional unit of a good or service.

Marginal Benefit

Marginal benefit is the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service.