1. A situation in which a percentage increase in price attracts a greater percentage of' products offered to the market. 2. A situation in which the percentage of goods offered "stretches" more than the percentage increase in price.

Relatively small changes in supply price cause relatively larger changes in quantity supplied. Elastic supply means that changes in the quantity supplied are relatively responsive to changes in the su [..]

Definition The characteristic of a good or service for which the supply may increase or decrease as needed to match changes in demand. Goods or services whose supply is elastic do not depend on scarce [..]

A good has an elastic supply when a price change results in large increase in the quantity of production. More specifically, it refers to the situation when a one percent increase in the price causes [..]