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If supply is price inelastic, the value of the price elasticity of supply must be
a. zero
b. less than 1
c. greater than 1
d. infinite
e. none of the answer choices

Ask by Guerrero Mathis. in the United States
Jan 27,2025

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If supply is price inelastic, the price elasticity of supply must be less than 1.

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When supply is price inelastic, it means that producers cannot significantly increase the quantity supplied when there is a change in price. Therefore, the value of the price elasticity of supply must be less than 1. This indicates a relatively steep supply curve, where quantity supplied responds less to price changes.
In real-world scenarios, price inelastic supply often occurs in markets where production capacities are constrained, such as agricultural products immediately after harvest. For instance, if farmers experience a price increase due to high demand, they might not be able to produce significantly more crops immediately since they are limited by factors like land and growing seasons.

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