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se the drop-down menu to complete each statement. A good is considered when producers can quickly supply more or less of it based on changing prices. A good is considered when producers can quickly change
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se the drop-down menu to complete each statement. A good is considered when producers can quickly supply more or less of it based on changing prices. A good is considered when producers can quickly change how much of it is supplied when prices change.

User Foc
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20 votes
20 votes

Answer:

elastic, inelastic

Step-by-step explanation:

bc i said so

User Hemant Patel
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19 votes
19 votes

Answer: elastic; inelastic

Step-by-step explanation:

A good is considered (elastic) when producers can quickly supply more or less of it based on changing prices while a good is considered (inelastic) when producers can quickly change how much of it is supplied when prices change.

In an elastic good, a change in price brings about a significant shift in the demand of such good while on the other hand, in an inelastic good, a change in price brings about an insignificant shift in the demand of such good.

User Wolfgangwalther
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