Ask Question
28 October, 05:51

Which of these questions is the best example of elasticity?

+5
Answers (1)
  1. 28 October, 09:16
    0
    Elastic goods and services generally have plenty of substitutes. As an elastic service/good's price increases, the quantity demanded of that good can drop fast. Example of elastic goods and services include furniture, motor vehicles, instrument engineering products, professional services, and transportation services.

    Explanation:

    elasticity of supply measures the responsiveness to the supply of a good or service after a change in its market price. According to basic economic theory, the supply of a good will increase when its price rises. Conversely, the supply of a good will decrease when its price decreases.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Which of these questions is the best example of elasticity? ...” in 📘 Physics if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers