If a good is produced using inputs for which there are no substitutes, the good's
A) elasticity of supply is likely to be small.
B) elasticity of demand will be large.
C) elasticity of supply is likely to be large.
D) elasticity of demand will be small.

Question

Quizplus · Accepted Answer

When inputs for a good have no substitutes, it means that producers have limited options for adjusting production in response to price changes, leading to a smaller elasticity of supply.

If a Good Is Produced Using Inputs for Which There