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Homework answers / question archive / Inputs whose quantity of supply is fixed and whose demand does not respond to price increases are said to be elastic in supply

Inputs whose quantity of supply is fixed and whose demand does not respond to price increases are said to be elastic in supply

Economics

Inputs whose quantity of supply is fixed and whose demand does not respond to price increases are said to be elastic in supply. Indicate whether the statement is true or false

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Answer is False

  • We are given that the quantity supplied remains the same, whatever be the price. This means the quantity supplied is totally unresponsive to changes in price.This is a case of perfectly inelastic supply.
  • Supply is said to be elastic if the percentage change in quantity supplied is more than the percentage change in price.

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