2. Which of the following examples demonstrates elastic supply?
sesor a ar vingue lo
a. The price of submarine sandwiches rises 50 percent; the quantity supplied
by the deli rises 30 percent.
b. Gasoline prices rise from $1.50 to $3.00 a gallon, and refineries increase
production 10 percent.
sis
ins510g 21 me
c. Nurseries cut the price of rose bushes in half, but because the bushes are two
years old, supply remains fixed.
d. A CD fails to be a hit, stores discount it by 30 percent, and the recording
company lowers production by 50 percent.

Question

05-12-2022
Business

Answered

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2. Which of the following examples demonstrates elastic supply?
sesor a ar vingue lo
a. The price of submarine sandwiches rises 50 percent; the quantity supplied
by the deli rises 30 percent.
b. Gasoline prices rise from $1.50 to $3.00 a gallon, and refineries increase
production 10 percent.
sis
ins510g 21 me
c. Nurseries cut the price of rose bushes in half, but because the bushes are two
years old, supply remains fixed.
d. A CD fails to be a hit, stores discount it by 30 percent, and the recording
company lowers production by 50 percent.

Sagot :

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