When a supply curve is relatively flat,the
A)sellers are not at all responsive to a change in price.
B)equilibrium price changes substantially when the demand for the good changes.
C)supply is relatively elastic.
D)supply is relatively inelastic.

Question

Quizplus · Accepted Answer

A relatively flat supply curve indicates that suppliers are able to increase their quantity supplied in response to a small increase in price. This means that supply is relatively elastic, as even a small change in price can result in a large change in quantity supplied.

When a Supply Curve Is Relatively Flat,the