Question

Complete each statement below.

Answer 1

Answer:

1. More elastic

2. Less elastic

3. Less elastic

Explanation:

Elastic is the term in economies which is defined as the product which is to be considered to be elastic when the quantity of the product demanded changes or varies drastically, when the price of the product decreases or increases.

So, the supply of the dried blueberries will be more elastic rather than the fresh blueberries as the customer prefer to have dried berries.

Supply of the automobiles like Porsche, will be less elastic rather than the baseball caps, as the automobile is very expensive as well as luxurious so, every person cannot afford.

The supply of the beef at present will be less elastic rather than the beef in the year as the beef supply would not be that much in a day, which it should be in a year.

A product is considered to be elastic if the quantity demand of the product changes drastically when its price increases or decreases.