QuestionAugust 4, 2025

Supply is considered elastic whenever the elasticity of supply value is any negative number. positive and gt 1 equal to zero. positive and lt 1

Supply is considered elastic whenever the elasticity of supply value is any negative number. positive and gt 1 equal to zero. positive and lt 1
Supply is considered elastic whenever the elasticity of supply value is
any negative number.
positive and gt 1
equal to zero.
positive and lt 1

Solution
4.7(90 votes)

Answer

positive and \gt 1 Explanation 1. Define Elasticity of Supply Elasticity of supply measures how much the quantity supplied responds to a change in price. 2. Identify Elastic Supply Condition Supply is considered elastic when the elasticity of supply is **positive and greater than 1**.

Explanation

1. Define Elasticity of Supply<br /> Elasticity of supply measures how much the quantity supplied responds to a change in price.<br />2. Identify Elastic Supply Condition<br /> Supply is considered elastic when the elasticity of supply is **positive and greater than 1**.
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