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lbelcher lbelcher
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Posts: 482
5 years ago

Question 1.

If, for a given percentage increase in price, quantity supplied increases by a proportionately larger percentage, then supply is

• unit elastic.

• perfectly elastic.

• inelastic.

• elastic.

Question 2.

If firms do not increase their quantity supplied when price changes, then supply is

• perfectly elastic.

• perfectly inelastic.

• inelastic.

• elastic.
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
Read 48 times
2 Replies

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Replies
wrote...
5 years ago

Answer 1

elastic.

Answer 2

perfectly inelastic.
lbelcher Author
wrote...
5 years ago
Helps a lot... Now I'm ready for my quiz
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