When a 5 percent increase in price leads to an 8 percent increase in quantity supplied, the supply is said to be relatively inelastic.

Name: When a 5 percent increase in price leads to an 8 percent increase in quantity supplied, the supply is said to be relatively inelastic.
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When a 5 percent increase in price leads to a larger percentage increase in quantity supplied (such as 8 percent in this case), the supply is said to be relatively elastic, not relatively inelastic.

When a 5 Percent Increase in Price Leads to an 8