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tankabanditka [31]
3 years ago
10

If the quantity supplied responds only slightly to changes in price, thenA. supply is said to be elastic.B. even a large decreas

e in demand will change the equilibrium price only slightly.C. an increase in price will not shift the supply curve very much.D. supply is said to be inelastic.
Business
1 answer:
Murrr4er [49]3 years ago
6 0

Answer:

D. supply is said to be inelastic.

Explanation:

When the change in the quantity supplied of any good is less sensitive due to change in the price, then the supply is known as the inelastic and If the quantity supplied responds only slightly to changes in price, then supply is said to be inelastic.

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A shortage of a product means its demand is high. Many buyers are willing to buy the commodity at the current price.  As per the law of demand, a price increase will result in reduced demand and achieve equilibrium.

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