Chapter 5

Inelastic supply: Expensive or highly skilled factors of production, cannot easily change quantity supplied. 19. What are examples of goods with elastic supply? (104-106) Inelastic supply?(104-106) Elastic: haircuts, toothpaste, etc. Inelastic: Oranges, Mona Lisa. 20. On what type of goods does the government generally place price ceilings?(128 ... ................
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