Question

An example of an everyday good that has inelastic supply and its meaning is

A. T shirts, a change in price leads to a large change in quantity supplied
B. Electricity, a change in price leads to a small change in quantity supplied
C. Peanut butter, an increase in price leads a large decrease in quantity supplied
D. Sneakers, a decrease in price leads to a large increase in quantity supplied
E. Coffee, an increase in price leads to a large increase in quantity supplied

Answer 1

An example of an everyday good with inelastic supply is diamond rings. Inelastic supply means that a change in price leads to a small change in quantity supplied.

Step-by-step explanation:

An example of an everyday good that has inelastic supply is diamond rings. Inelastic supply means that a change in price leads to a small change in quantity supplied. Diamond rings have a limited supply of inputs, which make their supply highly inelastic.