Multiple Choice
If the price elasticity of supply is less than 1, then supply is:
A) price elastic.
B) price inelastic.
C) unit price elastic.
D) very responsive to price changes.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q220: Which of the following is not true
Q221: Use the following for questions 163-168.<br>Exhibit: Johnson's
Q222: The income elasticity of demand for ground
Q223: Explain why there is a total revenue
Q224: A curve whose price elasticity of demand
Q226: Suppose that the price elasticity of demand
Q227: Use the following for questions 108-115.<br>Exhibit: The
Q228: Given an inelastic demand for agricultural output,
Q229: If the demand for golf is unit
Q230: If a 5 percent reduction in the