If the quantity supplied responds only slightly to changes in price, thenA. supply is said to be elastic. B. even a large decrease in demand will change the equilibrium price only slightly. C. an increase in price will not shift the supply curve very much. D. supply is said to be inelastic.
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Home » Business » If the quantity supplied responds only slightly to changes in price, thenA. supply is said to be elastic. B. even a large decrease in demand will change the equilibrium price only slightly. C.