If the quantity of a good supplied is highly sensitive to the price of the good, economists say the supply of the good is relatively
A) inelastic.
B) elastic.
C) robust.
D) inverse.

Question

Quizplus · Accepted Answer

When the quantity supplied is highly sensitive to price changes, the supply is considered elastic. This means that a small change in price leads to a large change in the quantity supplied.

If the Quantity of a Good Supplied Is Highly Sensitive