Supply Elasticity Flashcards
1
Q
____ if producers are relatively responsive to price changes
A
Elastic
2
Q
____ if producers are relatively insensitive to price changes
A
inelastic
3
Q
smallest possible increase in P causes infinitely large increase in QS
A
Perfect elasticity of supply
4
Q
The quantity supplied is the same at all prices
A
perfectly inelastic
5
Q
less than infinity but greater than 1
The percent increase in the quantity supplied exceeds the percentage increase in the price
A
Elastic
6
Q
Greater than zero but less than 1
The percentage increase in the quantity supplied is less than the percentage in the price
A
inelastic
