Ask Question
21 January, 09:55

Which of these questions is the best example of elasticity?

+1
Answers (1)
  1. 21 January, 11:26
    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?
Get an answer to your question ✅ “Which of these questions is the best example of elasticity? ...” in 📙 Physics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers