Asked by
Sarah Kilsworth
on Dec 11, 2024
Verified
If a large percentage increase in the price of a good results in a small percentage increase in the quantity supplied of the good, supply is said to be
A) horizontal.
B) relatively inelastic.
C) relatively elastic.
D) income proof.
Relatively Inelastic
Term indicating that the demand or supply for a good or service changes only slightly in response to changes in price.
Percentage Increase
A mathematical calculation to determine the relative growth of a value by a certain percentage.
- Gain an understanding of the concept of elasticity pertaining to both demand and supply.
Verified Answer
RS
Learning Objectives
- Gain an understanding of the concept of elasticity pertaining to both demand and supply.