If the supply of a good is inelastic,
a. producers will not change their quantity supplied by much if the market price doubles.
b. a small increase in price will lead producers to sharply increase their quantity supplied.
c. producers have diminishing marginal returns of labor. d. producers will increase their quantity supplied in response to sharp drops in the market price.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If the supply of a good is inelastic, a. producers will not change their quantity supplied by much if the market price doubles. b. a small ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The following transactions occur for Badger Biking Company during the month of June: Provide services to customers on account for $31,000. Receive cash of $23,000 from customers in (a) above.
Answers (1)
Which of the following is true when an economy produces at full employment, but consumers, government, businesses, and the foreign sector do not buy all the output? a.) Inventories are depleted. b.) There is a recessionary gap. c.
Answers (1)
In a manufacturing plant, workers use a specialized machine to produce belts. A new machine is invented that is labor-saving.
Answers (1)
Chester puts a hidden camera in the apartment he rents to burkley and continually watches her without her knowledge or permission. Chester is most likely liable for
Answers (1)
Upon looking out at the audience, david noticed that half of his audience was either asleep or on their phones. what could he have done to avoid this scenario?
Answers (2)
New Questions in Business
Adonis Corporation issued 10-year, 8% bonds with a par value of $200,000. Interest is paid semiannually. The market rate on the issue date was 7.5%. Adonis received $206,948 in cash proceeds. Which of the following statements is true? A.
Answers (1)
Which type of group leadership has a communication pattern that flows from the top down?
Answers (1)
Without trade, the farmer produced and consumed 2 pounds of pork and 4 pounds of tomatoes and the rancher produced and consumed 4 pounds of pork and 2 pounds of tomatoes.
Answers (1)
On March 14, Zest Co. accepted a 120-day, 6% note in the amount of $5,000 from AZC Co., a customer. On the due date of the note, AZC dishonors the note and fails to pay.
Answers (1)
A building with a book value of $54,000 is sold for $63,000 cash. Using the indirect method, this transaction should be shown on the statement of cash flows as an increase of a.
Answers (1)