Question

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

Answer 1

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.