The answer is Elastic supply. Elastic supply a change in price has a relatively large effect on quantity supplied; the percentage change in quantity supplied exceeds the percentage change in price and this is the result of price elasticity of supply exceeds 1.0.
Answer:
The price elasticity of demand equals the percentage change in the quantity demanded divided by the percentage change in price. When the percentage change in the quantity demanded is larger than the percentage change in price, the demand is elastic.
Explanation:
