Figure 7-17

-Consider Figure 7-17.Between the prices of $5 and $6,which supply curve is most elastic and which is least elastic?
A)S₁ is most elastic;S₂ is least elastic.
B)S₁ is most elastic;S₃ is least elastic.
C)S₃ is most elastic;S₁ is least elastic.
D)S₃ is most elastic;S₂ is least elastic.
E)S₂ is most elastic;S₃ is least elastic.

Question

Figure 7-17
 
-Consider Figure 7-17.Between the prices of $5 and $6,which supply curve is most elastic and which is least elastic?
A)S₁ is most elastic;S₂ is least elastic. 
B)S₁ is most elastic;S₃ is least elastic. 
C)S₃ is most elastic;S₁ is least elastic. 
D)S₃ is most elastic;S₂ is least elastic. 
E)S₂ is most elastic;S₃ is least elastic.

Quizplus · Accepted Answer

Elasticity is determined by the steepness of the supply curve. A flatter curve (S₁) is more elastic, while a steeper curve (S₃) is less elastic.

Figure 7-17 -Consider Figure 7-17.Between the Prices of $5 and $6,which Supply