The price of old baseball cards rises rapidly with increases in demand because
A)the supply of old baseball cards is price inelastic.
B)the supply of old baseball cards in price elastic.
C)the demand for old baseball cards is price inelastic.
D)the demand for old baseball cards is price elastic.

Question

Quizplus · Accepted Answer

The supply of old baseball cards is price inelastic because the quantity available cannot be easily increased in response to price changes; they are limited in number due to their age and rarity.

The Price of Old Baseball Cards Rises Rapidly with Increases