Supply is said to be inelastic when the quantity supplied changes * more than the change in its price. less than the change in it price. equal to the change in its price. none of the above
Supply is said to be inelastic when the quantity supplied changes * more than the change in its price. less than the change in it price. equal to the change in its price. none of the above
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Supply is said to be inelastic when the quantity supplied changes *
more than the change in its
less than the change in it price.
equal to the change in its price.
none of the above
This good is more elastic in supply. *
milk
hamburger
corn
housing
Elasticity of supply tends to be greater when *
inputs are specialized.
time period allowed for adjustment is fairly long.
degree of advertising is great.
demand for the product is inelastic.
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