Supply and Demand

Unit Elastic Supply.

Perfectly Elastic Supply.

Perfectly Inelastic Supply.

Relatively Inelastic Supply.

It becomes perfectly elastic since robots can produce indefinitely without increasing cost per unit produced.

It doesn't change because technology only affects quality, not quantity produced or supplied at given prices.

It makes it more elastic due to increased efficiency in production processes allowing for greater responsiveness to price changes.

It makes it less elastic because new technologies create barriers to entry due to higher costs.

Unlimited needs and desires among consumers

Predictive efficiency when maximizing output

Limited resources for producing goods and services

Government regulation on resource distribution

Expectations regarding elevated upcoming costs cause enhanced immediate offer efforts maximizing revenue streams before potential losses incurred consequently increasing now availability product amount currently offered.

Producers expecting higher future prices might reduce current supplies conserving stockpiles thereby decreasing present market quantities anticipating profit gains later.

Foreseeing stable prospective pricing patterns encourages maintain steady provision rates keeping consistent reserve usage levels ensuring uniform distribution amounts throughout various timeframes sustaining ongoing accessibility identical measure commodities served up presently

Anticipating lower subsequent cost points may lead companies into expanding provision actions at once utilizing reserves rapidly seeking secure sales volumes before diminishing earning opportunities arise resulting raised number units dispensed immediately.

There would be no change in the equilibrium price or quantity.

The equilibrium price would decrease.

The equilibrium price would increase.

The equilibrium quantity would decrease.

Supply becomes perfectly inelastic as the industry is unable to respond to any price manipulations due to the tax.

The industry's price supply would likely become less elastic since producers have less scope for changing production levels.

Elasticity would increase as producers rush to produce and sell more before smoking rates potentially decline.

The tax has no effect on elasticity since it is a price change from a government action rather than natural market forces.

One dominant firm

Homogeneous products

Product differentiation

Price-taking firms

They would leave production unchanged despite the price change.

They would increase production by a smaller percentage than the percentage change in price.

They would increase production by a greater percentage than the percentage change in price.

They would double production in response to any price change.

Invest in advertising to create brand loyalty.

Increase current production to build inventory.

Decrease the price of the product to increase demand.

Secure long-term contracts with suppliers at current prices.

Unit Elastic Supply

Perfectly Inelastic Supply

Relatively Inelastic Supply

Perfectly Elastic Supply