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Suppose you observe the price of beads has not changed,while the quantity sold has increased. Which of the following could explain this change? Supply is
Suppose you observe the price of beads has not changed,while the quantity sold has increased. Which of the following could explain this change?
- Supply is perfectly inelastic and has increased; demand is somewhat elastic and is unchanged
- Supply is somewhat inelastic and has increased; demand is perfectly elastic and is unchanged
- Suppy is perfectly elastic and has increased; demand is somewhat inelastic and is unchanged
- Supply is somewhat elastic and has increased; demand is perfectly inelastic and is unchanged.
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