What factor has the greatest influence on elasticity and inelasticity of supply?

A welfare loss occurs when a monopolist chooses not to produce units of output that are of greater marginal value to consumers than the marginal cost of producing them

a. True b. False Indicate whether the statement is true or false

A product priced at $5 has annual sales of 1,000 units. When price is reduced to $4, quantity increases to 1,250 units. Other things unchanged, the price elasticity of demand for the product is:

A. unitary. B. inelastic. C. elastic. D. zero.