Answered: Supply is said to be inelastic when the…

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter12: More Realistic And Complex Pricing

Section: Chapter Questions

Problem 9MC: After running a promotional campaign, the owners of a local hardware store decided to decrease the...

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Supply is said to be inelastic when the quantity supplied changes*
more than the change in its price.
less than the change in it price. 2
equal to the change in its price.
none of the above.

Elasticity of supply tends to be greater when*
inputs are specialized.
time period allowed for adjustment is fairly long.
degree of advertising is great.
demand for the product is inelastic

The supply curve overtime is more elastic than the supply curve over the short period of time because, given sufficient time*
production techniques become more expensive.
new firms can enter the industry and old firms can increase their plant size.
producers become more competitive.
consumers become more demanding.

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