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.

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Definitions:

Chronic Health Problems

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Independence Loss

The diminishing ability to perform tasks and make decisions for oneself, often associated with aging, illness, or disability.

Intellectual Abilities

The capacity to perform mental activities associated with reasoning, problem-solving, and abstract thinking.

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The ability of an individual to sustain physical and mental activity for an extended period of time without experiencing significant fatigue.