If the quantity supplied responds only slightly to changes in price, then:
A)the elasticity of supply is greater than one
B)the elasticity of supply is less than zero
C)supply is said to be inelastic
D)the supply curve slopes upwards steeply

Question

Quizplus · Accepted Answer

When the quantity supplied responds only slightly to changes in price, supply is said to be inelastic. Elasticity of supply is calculated by measuring the percentage change in quantity supplied in response to a percentage change in price. If this percentage change is less than one, then supply is considered inelastic.

If the Quantity Supplied Responds Only Slightly to Changes in Price