UNA 5 MINDTAP of the f SolutionAnswer 1 Inelastic Explanatio

UNA 5% MINDTAP of the f

Solution

Answer 1: Inelastic

Explanation: When supply is elastic, it is relatively more responsive to changes in price and when the supply is inelastic, it is relatively less responsive to changes in price.

Answer 2: Brain surgeons

Explanation: One needs many years of formal training to become a brain surgeon. Therefore, it is much more difficult to increase the supply of brain surgeons in the short-term as compared to increasing the supply or oranges. So, brain surgeons would have a more inelastic supply.  

 UNA 5% MINDTAP of the f SolutionAnswer 1: Inelastic Explanation: When supply is elastic, it is relatively more responsive to changes in price and when the supp

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