It seems like there is never an end to the new products that come on the market! Every day you hear or see ads about new products and see new items lining store shelves.
Answer the following questions below:
- What are some new products that you have seen businesses supply in recent months?
- Have prices increased or decreased since the product or products have entered the marketplace?
- Do you think these products are fads and will remain on store shelves a short time or do you think they are products you will see for a long time? Why or why not?
- 4.Is the supply of these products elastic or inelastic? Be sure to explain.