If the supply curve is relatively steep,then the price elasticity of supply will be
A) elastic.
B) inelastic.
C) unit elastic.
D) greater than one.

Question

Quizplus · Accepted Answer

If the supply curve is relatively steep, it means that the quantity supplied changes significantly with a small change in price. This indicates that the price elasticity of supply is low, or in other words, it is inelastic.

If the Supply Curve Is Relatively Steep,then the Price Elasticity