sample scenario: scientists have created a new grass seed that stops grass growth at a specific length…

sample scenario: scientists have created a new grass seed that stops grass growth at a specific length, eliminating the need to mow the lawn. the price of this seed is high, but many consumers still want to use it. as a result, several different producers supply a large amount of this seed to consumers. in order to attract consumers to their product, some producers lower their prices and supply fewer bags of seeds. what is the best description of the grass seed that is described in this scenario? a good with a low price a good with a high price a good with an inelastic supply a good with an elastic supply

sample scenario: scientists have created a new grass seed that stops grass growth at a specific length, eliminating the need to mow the lawn. the price of this seed is high, but many consumers still want to use it. as a result, several different producers supply a large amount of this seed to consumers. in order to attract consumers to their product, some producers lower their prices and supply fewer bags of seeds. what is the best description of the grass seed that is described in this scenario? a good with a low price a good with a high price a good with an inelastic supply a good with an elastic supply

Answer

Brief Explanations:

The text states the price of the grass - seed is high initially. Producers change the quantity supplied (lower prices and supply fewer bags) in response to market conditions. Elastic supply means that the quantity supplied is responsive to price changes. Here, producers adjust supply based on price changes to attract consumers.

Answer:

a good with an elastic supply