If the price elasticity of supply is 0.3, supply is
A) unaffected by price changes.
B) inelastic.
C) unit elastic.
D) elastic.

Name: If the price elasticity of supply is 0.3, supply is A) unaffected by price changes. B) inelastic. C) unit elastic. D) elastic.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When the price elasticity of supply is less than 1, it indicates that the supply is inelastic, meaning that the quantity supplied responds only slightly to changes in price.

If the Price Elasticity of Supply Is 0