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

Question

Quizplus · Accepted Answer

When supply is elastic, the quantity supplied responds significantly to price changes, meaning it increases by a greater percentage than the price increase.

If the Supply for a Good Is Elastic, That Means