The grass seed is an elastic supply product, meaning that <u><em>demand </em></u>fluctuates when prices rise and fall, so option (d) or (iv) is the correct answer.
<h3>What is the scenario given for the grass seed?</h3>
" Scientists have developed a novel grass seed that stops grass growth at a set length, removing the need for lawn mowing. Despite the expensive cost of this seed, many people wish to use it.
As a result, a huge amount of this seed is supplied to consumers by various different producers. Some companies reduce their pricing and supply fewer packages of seeds in order to entice customers to their product."
The price of the seed was initially high due to tremendous demand, and many people wanted to offer it.
However, as the number of suppliers grows, the product becomes oversupplied on the market, and <em>demand falls. </em>
To increase demand, the provider lowers the <u>price</u> and produces fewer units.
For more information about the scenario, refer below
brainly.com/question/17528410
