When a supply curve is relatively flat,what do we know
A)The supply is relatively elastic.
B)The supply is relatively inelastic.
C)Quantity supplied changes in the same proportion that price changes.
D)Quantity supplied changes slightly when the price changes.

Question

Quizplus · Accepted Answer

When a supply curve is relatively flat, it indicates that there is a relatively minor change in quantity supplied in response to any given change in price. This suggests that supply is relatively elastic, meaning that producers are able to adjust their output levels in response to changes in market conditions. In other words, as the price of a good or service changes, suppliers can easily adjust their production to meet demand, resulting in a significant change in the quantity supplied.

When a Supply Curve Is Relatively Flat,what Do We Know