Figure 7-17

-Consider Figure 7-17. Between the prices of $5 and $6, which supply curve is most elastic and which is least elastic?

Name: Figure 7-17 -Consider Figure 7-17. Between the prices of $5 and $6, which supply curve is most elastic and which is least elastic?
Brand: Quizplus
Rating: 4.9 (51 reviews)

Question

Figure 7-17
 
-Consider Figure 7-17. Between the prices of $5 and $6, which supply curve is most elastic and which is least elastic?

Quizplus · Accepted Answer

Elasticity is determined by the steepness of the supply curve; the flatter the curve, the more elastic it is. S₁ is the flattest, making it most elastic, while S3 is the steepest, making it least elastic.

Figure 7-17 -Consider Figure 7-17. Between the Prices of $5 and $6