If demand is highly elastic and supply shifts to the left:
A) price will rise significantly; quantity hardly changes at all.
B) price will hardly change at all; quantity will decline significantly.
C) price will rise significantly and quantity will fall significantly.
D) price and quantity will hardly change at all.

Question

Quizplus · Accepted Answer

When demand is highly elastic, a leftward shift in supply leads to a significant decrease in quantity but only a small increase in price.

If Demand Is Highly Elastic and Supply Shifts to the Left