Which among the following is true regarding price elasticity of supply? Select one: a) The elasticity of supply does not vary directly with the amount of time producers have to respond to the price change b) The equilbrium price in short run is same as the equilbrium price in market period c) The equilbrium price in short run is  lower than the equilbrium price in market period d) The equilbrium price in short run is higher than the equilbrium price in market period e) None of the answers are correct

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Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.