Use the drop-down menu to complete each statement,

Elasticity is the measure of how producers and consumers react to changes in

A supply is

when the quantity of a good supplied does not change as the price changes

A supply is

when the quantity of a good supplied increases or decreases as the price changes

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The correct answer is - 1) inelastic and 2) elastic.

Explanation:

A supply is inelastic when producers supply does not affect by the changes in the prices of the particular good. It has no effect on the supply of goods of an increase or a decrease in the price.

A supply is said to be elastic if it's supply affected by the changes in the prices of the goods. Producers change the supply according to the hike or decrease in the price of a particular good.

Thus, the correct answer is - 1) inelastic and 2) elastic.