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22 January, 21:56

What is the term for supply of product that cannot easily or quickly expand or reduce its production?

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  1. 22 January, 22:21
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    The term for the supply of a product that cannot easily or quickly expand or reduce its production is Inelastic. Inelastic supply refers to supply whose percentage change is less than a percentage change in price. In other words, if the change in supply does not move with the change in the price of the product, then the supply of the product is said to be inelastic.

    Hence the answer is Inelastic.
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