Given Generally Elastic Demand and Supply Curves for an Industry

question 58

Multiple Choice

Given generally elastic demand and supply curves for an industry, an INCREASE in supply will (all other things being equal) :

• A) lower price but not change quantity demanded.
• B) increase price and increase quantity demanded.
• C) increase price and decrease quantity demanded.
• D) lower price and increase quantity demanded.
• E) not change anything else.

---

Definitions:

Materials Manager

A professional responsible for overseeing the acquisition, control, and distribution of materials and products within an organization, ensuring efficient operations and cost management.

Supply Chain Manager

A professional role focusing on overseeing and managing a company's supply chain operations to maximize efficiency, reduce costs, and ensure the timely delivery of products.

Production Floor

The area of a manufacturing facility where goods are actually produced or assembled.

Purchase Order

A formal document sent by a buyer to a seller requesting the purchase of products or services, specifying types, quantities, and agreed prices.