For Each of the Following Goods Would You Expect the Supply

question 172

Essay

For each of the following goods would you expect the supply to be elastic or inelastic? Provide explanation for each of your rationales.
a. oil
b. toothpicks
c. Picasso paintings.

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Definitions:

Source

The point of origin of a persuasive communication.

Trustworthiness

The quality of being reliable, honest, and deserving of trust.

Message

Communication from a source directed to an audience.

Cognitive Dissonance

A psychological phenomenon where an individual experiences discomfort due to conflicting beliefs, attitudes, or behaviors, prompting efforts to reduce the discord.