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During the week of February 9-15, 2001, the U.S. rose market cleared at a price of $1.00 per stem, and 4,000,000 stems were sold that
During the week of February 9-15, 2001, the U.S. rose market cleared at a price of $1.00 per stem, and 4,000,000 stems were sold that week. During the week of June 5-11, 2001, the U.S. rose market cleared at a price of $0.20 per stem, and 3,800,000 stems were sold that week. From this information, what would you conclude about the price elasticity of supply in the U.S. rose market?
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