If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as

If a 6% decrease in price results in more than a 6% decrease in quantity supplied, then supply can be regarded as elastic. Elasticity of supply refers to the degree of responsiveness of quantity supplied to a change in price. If the percentage change in the quantity supplied is greater than the percentage change in price, then supply is considered elastic, meaning that small changes in price can result in significant changes in the quantity supplied. In this case, if the decrease in price results in more than a 6% decrease in quantity supplied, it indicates that suppliers are sensitive to price changes and will adjust their supply accordingly. Therefore, the supply can be considered elastic.