Figure 5-12
The following figure shows the supply curve for a particular good.
-Refer to Figure 5-12.Over which range is the supply curve in this figure the least elastic?
A) Between $16 and $40
B) Between $40 and $100
C) Between $100 and $220
D) Between $220 and $430

Question

Figure 5-12
The following figure shows the supply curve for a particular good. 
-Refer to Figure 5-12.Over which range is the supply curve in this figure the least elastic?
A) Between $16 and $40 
B) Between $40 and $100 
C) Between $100 and $220 
D) Between $220 and $430

Quizplus · Accepted Answer

The supply curve is least elastic over the range where the percentage change in quantity supplied is smallest relative to the percentage change in price. Typically, at higher price levels, the supply curve becomes less elastic.

Figure 5-12 The Following Figure Shows the Supply Curve for a Particular