Supply is very inelastic if the quantity supplied cannot respond quickly to an increase in price.

Name: Supply is very inelastic if the quantity supplied cannot respond quickly to an increase in price.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

When supply is very inelastic, it means that the quantity supplied does not change much in response to changes in price. This implies that suppliers cannot easily increase or decrease production in response to changes in price, resulting in a highly inelastic supply curve.

Supply Is Very Inelastic If the Quantity Supplied Cannot Respond