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Question
In case of perishable goods the supply is _________.
In case of perishable goods the supply is _________.
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Solution
The correct option is B inelastic
Perishable goods are goods having a short span of life. Some of the examples are vegetables, fruits, newspaper, medicines etc. Elasticity refers to the measure of changes in supply due to changes in price.In case of perishable goods since these have limited useful life therefore the supply is inelastic i.e. changes in prices does not affect the supply of goods.
Perishable goods are goods having a short span of life. Some of the examples are vegetables, fruits, newspaper, medicines etc.
Elasticity refers to the measure of changes in supply due to changes in price.
In case of perishable goods since these have limited useful life therefore the supply is inelastic i.e. changes in prices does not affect the supply of goods.
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