Multiple Choice
If price elasticity of supply is less than 1
A) supply is elastic.
B) demand is elastic.
C) demand is inelastic.
D) supply is inelastic.
Correct Answer:
Verified
Correct Answer:
Verified
Related Questions
Q350: If the price of a good increases
Q351: Suppose that the amount of portable power
Q352: One of the most important determinants of
Q353: An absolute price elasticity of demand equal
Q354: When total revenue and price are inversely
Q356: When quantity supplied is very responsive to
Q357: A decrease in total revenue will result
Q358: Other things being equal, demand is less
Q359: If the absolute price elasticity of demand
Q360: "The slope of the demand curve gives