If the percentage change in the quantity supplied of a good is less than the percentage change in price of the good, the good is said to have a(n):
A) inelastic supply.
B) unit elastic supply.
C) elastic supply.
D) perfectly elastic supply.
A
Economics
You might also like to view...
If a product is a normal good, an increase in your income will
A) increase demand for the product. B) decrease demand for the product. C) increase supply of the product. D) decrease supply of the product.
Economics
An efficient price is a price set at:
A) marginal cost. B) opportunity cost. C) average fixed cost. D) average variable cost.
Economics