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Question
A local sandwich shop can quickly place an order for food with its local vendors if it uses up its existing resources quickly. This indicates that the price elasticity of supply is
a. unitary elastic.
b. perfectly elastic.
c. perfectly inelastic.
d. relatively elastic.
e. relatively inelastic.
Answer
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Related questions
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The economic entity most likely to engage in price gouging is
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What is the long-run consequence of a price ceiling law?
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Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
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