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Pls I need help asap
Fill in the blanks by using the word Elastic or Inelastic. If there are many producers supply is likely to be _________________ , and if there are few producers supply is likely to be _______________________ . Durable and storable goods like cars have an _______________ supply while perishable goods like flowers have a ____________________ supply

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eldusa

Answer:

First, elastic

second inelastic

third, elastic

fourth, inelastic

tylerredfearn323

Answer:

Explanation:

If a change in the price of a product significantly influences the supply and demand, it is considered “elastic.” Likewise, if a change in product price does not significantly change the supply and demand, it is considered “inelastic.” For elastic demand, when the price of a product increases the demand goes down.