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5. In each of the following pairs, which good has a lower elasticity of supply? You...

5. In each of the following pairs, which good has a lower elasticity of supply? You do not need to explain your answer. a) Bicycles vs. sports cars. (2%) b) Cocaine vs. condoms. (2%) c) Diamond rings vs. t-shirts. (2%) d) Pencils vs. crude oil. (2%) e) Brioni suits vs. Gucci sunglasses. (2%)

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Answer #1

A. Sports cars

B. Cocaine

C. Diamond rings

D. Crude oil

E. Gucci sunglasses

Explanation: Lower elasticity of supply means the quantity supplied does not change much with a change in the price.

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