When a 9% increase in price leads to a 6% increase in quantity supplied, supply is relatively inelastic.

Name: When a 9% increase in price leads to a 6% increase in quantity supplied, supply is relatively inelastic.
Brand: Quizplus
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Quizplus · Accepted Answer

A relatively inelastic supply means that a change in price will result in a proportionally smaller change in quantity supplied. In this case, a 9% increase in price led to only a 6% increase in quantity supplied, indicating that the supply is relatively inelastic.

When a 9% Increase in Price Leads to a 6