Distinguish between the following:
Relatively Elastic Supply and Relatively Inelastic Supply
Relatively Elastic Supply
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Relatively Inelastic Supply
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In this case, change in price leads to a proportionately large change in the quantity supplied.
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In this case, change in price leads to a proportionately minor change in the quantity supplied.
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It represents a flatter supply curve.
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It represents a steeper supply curve.
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Here, Ed> 1
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Here, Ed< 1
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