Author Question: The supply of any good is likely to be inelastic when A) consumers have few good substitutes for ... (Read 42 times)

genevieve1028 · **on:** Jun 29, 2018

The supply of any good is likely to be inelastic when

A) consumers have few good substitutes for it.
B) it is a manufactured good rather than an agricultural good.
C) it can be produced at low cost.
D) there are very many producers of the good.
E) very little time elapses between the change in price and the change in quantity supplied.

Question 2

The competition faced by firms in an oligopoly with differentiated products is higher than that faced by firm(s) in ________.

A) a duopoly with homogeneous products
B) perfect competition
C) monopolistic competition
D) monopoly