If quantity supplied does not respond substantially to a relatively large change in price, supply is:
A)elastic.
B)inelastic.
C)negatively sloped.
D)insensitive to changes in price.

Question

Quizplus · Accepted Answer

If quantity supplied does not respond substantially to a relatively large change in price, supply is considered to be inelastic. This means that even if the price of a good increases or decreases by a large amount, the quantity supplied will not change much.

If Quantity Supplied Does Not Respond Substantially to a Relatively