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Question
State whether the following statement is TRUE and FALSE.
Supply for perishable goods is inelastic.
Options
True
False
Solution
Supply for perishable goods is inelastic. - True
Explanation:
It is correct. Perishable goods (such as food grains, milk products etc.) are those goods that are subject to decay or spoilage. Since these goods cannot be stored for a longer time, their supply cannot be changed immediately in response to change in price. As a result, their supply is inelastic.
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