Es DARWIN The Origin of Species E) perlecty inelastic. Price (dollars) Quantity

Question

Es DARWIN The Origin of Species E) perlecty inelastic. Price (dollars) Quantity (units per year) 32) The figure above shows the supply curve for a good with a A) perfectly elastc suppy B) perfecty ineastic supply C) elastic supply DI inelastic supply El unit elastic supply. 33) When the percentage change in the cuantty suppid euals thepercentage change in grice, the supply 's A) elastic B) inelastic C) unit elastc D) perfectly elasic. E) perfecty inelasic 34) When the percertage change in the quantty supplied is less than the percentsge change in price,tre supply is Al elastic B) inelashic. C) unt elassc. perfect, unteatic. El perfecty elastc

Explanation / Answer

Answer:

32) A)As the supply curve is horizontal, the supply is perfectly elastic.

33) c) unit elastic - when % change quantity demanded = %change in price.

34) B) inelastic. When the %change in quantity demand less than %change in price. as quantity demanded is not very responsive to changes in price demand can be said to be inelastic.

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