Answered

IDNLearn.com offers a collaborative platform for sharing and gaining knowledge. Ask any question and get a detailed, reliable answer from our community of experts.

Assignment: Understanding Elasticity of Supply

Use the drop-down menu to complete each statement.

1. A good is considered _______ when producers can quickly supply more or less of it based on changing prices.
2. A good is considered _______ when producers cannot quickly change how much of it is supplied when prices change.

Sagot :

GinnyAnsweridn

Final answer:

Elastic and inelastic goods differ in their responsiveness to price changes.


Explanation:

Elastic goods are considered luxury items where the percentage change in quantity supplied is greater than the percentage change in price, while inelastic goods are seen as necessities with a smaller percentage change in quantity supplied. Goods with unitary elasticity exhibit equal percent changes in quantity supplied and price.


Learn more about Elasticity of Supply here:

https://brainly.com/question/43968471


Thank you for contributing to our discussion. Don't forget to check back for new answers. Keep asking, answering, and sharing useful information. For clear and precise answers, choose IDNLearn.com. Thanks for stopping by, and come back soon for more valuable insights.