The supply of antiques is highly inelastic. Thus, increases in demand would have a small effect on price.

Name: The supply of antiques is highly inelastic. Thus, increases in demand would have a small effect on price.
Brand: Quizplus
Rating: 4.9 (32 reviews)

Question

Quizplus · Accepted Answer

The supply of antiques is highly inelastic, meaning it cannot easily increase in response to an increase in demand. Therefore, increases in demand would lead to larger, not smaller, increases in price due to the limited availability of antiques.

The Supply of Antiques Is Highly Inelastic