Question

Pls I need help asap

Fill in the blanks by using the word Elastic or Inelastic. If there are many producers supply is likely to be _________________ , and if there are few producers supply is likely to be _______________________ . Durable and storable goods like cars have an _______________ supply while perishable goods like flowers have a ____________________ supply

Answer 1

Step-by-step explanation:

If a change in the price of a product significantly influences the supply and demand, it is considered “elastic.” Likewise, if a change in product price does not significantly change the supply and demand, it is considered “inelastic.” For elastic demand, when the price of a product increases the demand goes down.

Answer 2

First, elastic

second inelastic

third, elastic

fourth, inelastic