What is the difference between elastic and inel... - SS1 Economics Elasticity of Supply Question
What is the difference between elastic and inelastic supply?
Elastic supply means that a small change in price leads to a relatively large change in quantity supplied. In other words, suppliers are very responsive to changes in price. Inelastic supply, on the other hand, means that a change in price leads to a relatively small change in the quantity supplied. In other words, suppliers are not very responsive to changes in price.
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