Table 5-5

-Refer to Table 5-5.Which of the three supply curves represents the least elastic supply?
A) supply curve A
B) supply curve B
C) supply curve C
D) There is no difference in the elasticity of the three supply curves.

Question

Table 5-5
 
-Refer to Table 5-5.Which of the three supply curves represents the least elastic supply?
A) supply curve A 
B) supply curve B 
C) supply curve C 
D) There is no difference in the elasticity of the three supply curves.

Quizplus · Accepted Answer

Supply curve A represents the least elastic supply because it is steeper, indicating that a small change in price will lead to a proportionately smaller change in quantity supplied. This suggests that producers are less willing or able to change their level of production in response to price changes.

Table 5-5 -Refer to Table 5-5.Which of the Three Supply Curves Represents