Question

Define perfect elastic and inelastic supply in simple terms

Answer 1

[AI-generated answer — Bot GPT 3.5]

- Perfectly elastic supply: This means that producers are able to supply any quantity of a good or service at a constant price. This often occurs when a product can be easily and quickly produced, with little to no cost.

- Perfectly inelastic supply: This means that producers are unable or unwilling to change the quantity of a good or service they supply, regardless of price. This often occurs when a product is rare, scarce, or difficult to produce.