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"If the demand for soymilk rises, in the long run soymilk drinkers will be better off if the supply of soya milk becomes more elastic". Do you agree or disagree with this statement? Explain and illustrate by drawing one diagram showing the long-run effects of a higher demand for soymilk given an inelastic supply and another diagram to illustrate the long-run effects if soy milk supply is more elastic. Assume that the price elasticity of demand for soymilk does not over this time period. Explain why the supply of soymilk might be more elastic in the long run than in the short run.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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