Quick one from Exam 2 Morning.
Basically it just asks about the supply curve for gold and whether it’s renewable or not
A Renew Inelastic
B Renew Elastic
C Non Renew Inelastic
D Non Renew Elastic
Obv, it’s nonrenewable, but why is it elastic? I thought necessities like water and such were inelastic. The key says its perfectly elastic. What exactly does that mean also? Thanks. I looked it up and it said price stays same no matter the quantity |