Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now suppose that the demand for this product increases. Which of the following statements accurately predicts the resulting increase in price?

A. The more elastic the supply curve, the greater the price increase.
B. The more elastic the supply curve, the smaller the price increase.
C. The increase in price is not affected by the elasticity of the supply curve.
D. There will be no increase in price if the supply curve is perfectly inelastic

B. The more elastic the supply curve, the smaller the price increase.

Explanation:

If the demand for the product increases, demand would exceed supply and a scarcity would occur. The scarcity would lead to a rise in price and fall in quantity.

The severity of the scarcity depends on how fast supply is to respond to the scarcity. If supply can easily respond to the increase in price by increasing supply, the smaller the price increase would be.

Supply is elastic if a small change in price leads to a greater change in the quantity supplied.

I hope my answer helps you

answer; career pathways;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.