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Theory of Supply — Economics STD 10 — Question

ICSE BoardEnglish MediumSTD 10EconomicsTheory of Supply1 Mark
Question
What is meant by inelastic supply?
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Answer

If the percentage change in supply of a good is less than the percentage change in the price, then the supply of the good is said to be inelastic. (i.e. Es < 1)

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