An elastic supply curve means the change in price of quantity of goods demanded as relates to the demand.
Some features of elastic supply curve are:
- Supply changes as price changes
- When a supply of a particular good decreases, then the price of that good decreases
- The curve is in a graphic form
Therefore, the producer that would most likely face a relatively elastic supply curve in the short run is an artist because the supply of paintings in the short run can affect the prices significantly
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