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dalvyx [7]
3 years ago
5

The headline reads: "Jeep prices fall by $4500!" A lot of shoppers buy a Jeep. Is a

Social Studies
1 answer:
lbvjy [14]3 years ago
7 0

Here, the Jeep is an elastic product.

<u>Explanation: </u>

According to the economics, a product is said to be an elastic product when the price of the products increases or decreases resulting in a drastic change in the demand of quantity of the product. While a product is said as the inelastic product when the price of the product differs or fluctuates resulting in little changes in the quantity demand of the product. Here, <em>when the Jeep's price dropped down by $4500, the quantity and demand of the Jeep increases. Therefore, there were a lot of shoppers who bought a Jeep</em>.

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