Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1. infinite elasticity, zero elasticity, more elastic than S3, more elastic than S4
2. Perfectly elastic, perfectly inelastic, More elastic than S1, or more elastic than S3
3. perfectly elastic, perfectly inelastic, More elastic than S2, or more elastic than S4
4. Perfectly elastic, perfectly inelastic, More elastic than S2, or more elastic than S3
Transcribed Image Text:●
P
●
P₁
S₁
Check
5₂
Q
Referring to the graph above, compare the four supply curves in terms of their price elasticity at
price P₁:
Supply curve S1 is best described as
• Supply curve S2 is best described as
• Supply curve S3 is best described as
Supply curve S4 is best described as
S3
S4
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