Which of the following statements is true?
A.If the price elasticity of supply is greater than 1, then the supply is price-elastic.
B.If the price elasticity of supply is greater than 1, then the supply is price-inelastic.
C.If the price elasticity of supply is zero, then the supply is price unit-elastic.
D.If the price elasticity of supply is greater than 1, then the quantity supplied is relatively unresponsive to price changes.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q191: If the quantity supplied responds substantially to
Q191: If the quantity supplied responds substantially to
Q195: A perfectly elastic supply curve is:
A) horizontal.
B)
Q211: Which factor is important in determining the
Q242: Which of the following is likely to
Q243: The price elasticity of supply for a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents