Question

a factor that can change is called:
○ variable
○ quantity supplied
○ fixed
○ elasticity of supply

question 3 1 pts
what is the term for a supply of a product that cannot easily or quickly expand or reduce its production?
○ profit
○ inelastic
○ supply schedule
○ elastic

Explanation:

For the first question: A variable is defined as a factor or quantity that can change in value. Quantity supplied refers to the amount of a good producers offer at a specific price, fixed means unchanging, and elasticity of supply measures production responsiveness to price changes.
For Question 3: Inelastic supply describes a situation where production cannot easily or quickly adjust to price changes. Profit is financial gain, a supply schedule is a table of price-quantity pairs, and elastic supply means production can adjust easily.

Answer:

1. Variable
2. Inelastic