Concerning the price elasticities of supply and demand for commodities,empirical estimates suggest that most commodities have:
A) Inelastic supply schedules and inelastic demand schedules
B) Inelastic supply schedules and elastic demand schedules
C) Elastic supply schedules and inelastic demand schedules
D) Elastic supply schedules and elastic demand schedules

Question

Quizplus · Accepted Answer

Most commodities tend to have inelastic supply and demand schedules because they are often necessities with few substitutes, and production cannot be easily increased or decreased in the short term.

Concerning the Price Elasticities of Supply and Demand for Commodities,empirical