Question

What is the best description of the grass seed that is described in this senario?

Answer 1

The correct answer is D. A good with an elastic supply

Explanation:

The supply of a product is elastic if it is flexible and changes according to other factors such as demand or price. This means the amount offered by producers of a good is not the same all the time but can vary. This occurs in the case of grass seed because to attract more customers producers needed to lower the price and the amount of seeds they offered in each bag. This shows there was a change in the supply due to changes in the price of this product and the buyers' preferences.