As Valentine's Day approaches, the demand for both roses and chocolate increases. Why does the price of roses increase much more sharply than the price of chocolate?

Question

Quizplus · Accepted Answer

The supply of roses is much less price elastic than the supply of chocolate, meaning that it is harder to quickly increase the supply of roses in response to increased demand, leading to sharper price increases. Chocolate, on the other hand, can be produced and supplied more flexibly, mitigating price spikes.

As Valentine's Day Approaches, the Demand for Both Roses and Chocolate