If the supply of a good is elastic, that means that when price increases,
A) the quantity supplied will increase by a smaller percentage than the price increased.
B) supply will increase.
C) the quantity supplied will decrease.
D) the quantity supplied will increase by a greater percentage than the price increased.

Question

Quizplus · Accepted Answer

When the supply of a good is elastic, it means that a given percentage increase in price will result in a greater percentage increase in the quantity supplied.

If the Supply of a Good Is Elastic, That Means