Answer to Question #240932 in Economics for CCW

Question

Econ. Chp. 4 Vocab:

Make visual notes, acronyms, and symbols to make definitions visual

11) inelastic supply -

12) determinants of supply -

Answer 1

Inelastic supply is the volume of goods that the buyer is forced to purchase at a fixed price due to the lack of an alternative, more advantageous offer. For example, goods of inelastic demand are gasoline and gas.

Determinants of supply (also known as factors influencing supply) are factors that influence the quantity of a product or service delivered. Product price is one of the major factors affecting availability and availability. Here we discuss the determinants of a non-price offering. These are the factors that are considered constant in the law of supply.