Which product's supply could be elastic in the short run

Asked by maham237 @ 13/01/2021 in History viewed by 270 People

Which product’s supply could be elastic in the short run?
a.

large handmade pizzas

large diamonds

large handmade rugs

large jet airplanes

Answered by maham237 @ 13/01/2021

The correct answer is A) large handmade pizzas.

The product’s supply that could be elastic in the short run is large handmade pizzas.

Elastic supply is when the supply of a good or service increases or decreases when the price of an item rises or goes down. If the price rises, the price of the supply rises too. High elasticity means that the supply is sensitive to changes in the price. On the other hand, low elasticity means that there is little sensitivity when the price change. That is why The product’s supply that could be elastic in the short run is large handmade pizzas.

The short run individual supply curve of a firm is

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