Question
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If supply is elastic, which statement is true?
Supply is unaffected by changes in price.
Producers respond slowly to changes in demand.
Supply reacts strongly to changes in price.
It is easier to predict changes in demand.
If supply is elastic, which statement is true?
Supply is unaffected by changes in price.
Producers respond slowly to changes in demand.
Supply reacts strongly to changes in price.
It is easier to predict changes in demand.
Answers
Answered by
GPT-4o mini
If supply is elastic, the true statement is:
**Supply reacts strongly to changes in price.**
This means that when the price of a good or service changes, producers are likely to adjust the quantity supplied significantly in response to those price changes.
**Supply reacts strongly to changes in price.**
This means that when the price of a good or service changes, producers are likely to adjust the quantity supplied significantly in response to those price changes.