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What is the best description of the grass seed that is described in this scenario? a good with a low price a good with a high price a good with an inelastic supply a good with an elastic supply.

Sagot :

The grass seed is an elastic supply product, meaning that demand fluctuates when prices rise and fall, so option (d) or (iv) is the correct answer.

What is the scenario given for the grass seed?

" Scientists have developed a novel grass seed that stops grass growth at a set length, removing the need for lawn mowing. Despite the expensive cost of this seed, many people wish to use it.

As a result, a huge amount of this seed is supplied to consumers by various different producers. Some companies reduce their pricing and supply fewer packages of seeds in order to entice customers to their product."

The price of the seed was initially high due to tremendous demand, and many people wanted to offer it.

However, as the number of suppliers grows, the product becomes oversupplied on the market, and demand falls.

To increase demand, the provider lowers the price and produces fewer units.

For more information about the scenario, refer below

https://brainly.com/question/17528410

Ssamantha1818idn

Answer: D - A good with an elastic supply

Explanation: Edge

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