Explain why an increase in demand leads to a larger increase in price but a smaller increase in quantities supplied. Discuss some production factors that may cause this inelastic supply.
1 Describe why there can be a shortage in a market for a product 2 Describe why there can be an excessive supply in a market for a product 3 Explain why an increase in demand leads to a larger increase in price but a smaller increase in quantities supplied. Discuss some production factors that […]