Economics · Price Elasticity of Supply
Which of the following statements correctly identifies the conditions and graphical representation of a unitary elastic supply?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It occurs when the percentage change in quantity supplied exactly equals the percentage change in price, graphically represented by a linear supply curve passing through the origin.✓
- 2It occurs when the percentage change in quantity supplied strictly exceeds the percentage change in price.
- 3It is characterized by an infinite elasticity where producers will supply any quantity at a given price.
- 4It describes a condition where the percentage change in quantity supplied is less than the percentage change in price, depicted by a horizontal supply curve.
Correct answer
It occurs when the percentage change in quantity supplied exactly equals the percentage change in price, graphically represented by a linear supply curve passing through the origin.
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