If the price elasticity of supply for wheat is less than 1,then the supply of wheat is
A)inelastic.
B)elastic.
C)unit elastic.
D)quite sensitive to changes in income.

Question

Quizplus · Accepted Answer

When the price elasticity of supply is less than 1, it means that the percentage change in quantity supplied is less than the percentage change in price. This indicates that the supply of wheat is relatively unresponsive to changes in price, making it inelastic.

If the Price Elasticity of Supply for Wheat Is Less