If changes in demand cause significant changes in equilibrium price, then supply must be relatively inelastic.

Name: If changes in demand cause significant changes in equilibrium price, then supply must be relatively inelastic.
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Quizplus · Accepted Answer

When supply is relatively inelastic, it means that suppliers cannot easily change the quantity they produce in response to price changes. Therefore, if demand changes significantly and supply cannot adjust as easily, it will lead to more pronounced changes in equilibrium price.

If Changes in Demand Cause Significant Changes in Equilibrium Price