Question

A relatively inelastic supply curve implies ______.

Options

• There is no change in price but quantity supplied changes.

• A small change in price brings about a larger change in quantity supplied.

• A large change in price brings about a small change in quantity supplies.

• Although there is change in price, quantity supplied remains constant.

Answer 1

A relatively inelastic supply curve implies a large change in price brings about a small change in quantity supplies.

Explanation:

A relatively inelastic supply curve indicates that the quantity supplied is not very responsive to changes in price. This means that even a large change in price results in only a small change in the quantity supplied.