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5-4 vocabulary jw

QuestionAnswer
A change in price leasds to a relatively smaller change in quantity supplied. Inelastic Supply
A measure of how responsive producers are to price changes in the marketplace. Elasticity of Supply
Price and quantity supplied change by exactly the smae percentage. Unit elastic supply
What are two factors affect supply? 1. Ease of changing production to respond to price change. 2.Available resources
A change in price lesds to a relatively larger change in quantity supplied. Elastic supply
Created by: joannw15
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