15Which of the following products is likely to be the most price elastic in supply?A. Toyota hybrid vehiclesB. Coca-Cola soft drinksC. PharmaceuticalsD. Petrol
Question
Solution 1
The most price elastic product in supply would likely be B. Coca-Cola soft drinks.
Here's why:
Price elasticity of supply measures how the quantity supplied changes in response to a change in price. It depends on the flexibility of producers to increase or decrease production in a short period of Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
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15Which of the following products is likely to be the most price elastic in supply?A. Toyota hybrid vehiclesB. Coca-Cola soft drinksC. PharmaceuticalsD. Petrol
the price elasticity of supply is A. Perfectly inelastic B. Elastic C. Unitary D. Inelastic E. Perfectly elastic
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