Consider this scenario: in response to an increase in the product’s price, producers of mp3 players have increased the quantity supplied. this is an example of a. elastic supply b. elastic demand c. inelastic supply d. inelastic demand

The correct answer is A.

The supply function represents the quantity of a certain good or service that producers are willing to offer in the market at different price levels. The law of supply states that there is a direct relationship between price and quantity supplied (ceteris paribus, hence, given that the rest remains equal). Therefore, when the price charged increases, the amount that producers are willing to offer increases too.

The elasticity of the supply function is the size of the quantity variation triggered by a price variation. If the amount supplied barely changes the suppply function is inelastic and if it changes appropiately after the price increase, then the function is elastic.

nominative

there is a sequence and logical steps to give an answer of a trouble.

1) strategy is necessary to develop an project idea.

2) to study and know the environment where you are going to work ( ecosystem).

3)   the materials resources to built the ideas.

4) to give a priority order in the context that you study. in this case human needs.