Homework (Ch 05) - 13. The variety of supply curves

The following graph displays four supply curves (LL, MM, NN, and 00) that intersect at point V. (? 200 180 N 180 0 140 W 120 V 100 M M PRICE (Dollars per unit) 80 40 20 N 20 40 80 80 100 120 140 180 180 200 QUANTITY (Units) Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement True False Curve OO is less elastic between points V and Y than curve LL is between points V and X. O O Between points V and Y, curve 00 is inelastic. O O Between points V and W, curve NN is perfectly inelastic. O O