Do you agree with the following two paragraph? Explain Why?

1.Can you think of an industry (or product) with near infinite elasticity of supply in the short term? That is, what is an industry that could increase Qs almost without limit in response to an increase in the price?

An industry with near-infinite elasticity of supply is the digital content streaming industry. In this industry, the production and distribution of digital content, such as movies, TV shows, and music, can be rapidly scaled up to meet increased demand. The production and distribution of digital content can be easily expanded to accommodate a surge in demand due to its digital nature. Streaming platforms can increase the quantity supplied almost without limit in response to an increase in the price, making it a prime example of a highly elastic supply in the short term. As more consumers are willing to subscribe or purchase digital content at higher prices, streaming services can quickly and almost limitlessly expand their content libraries, making this industry an illustrative case of near-infinite elasticity of supply.

2. Why do you suppose that U.S. GDP is so much higher today than 50 or 100 years ago?

The notable increase in U.S. GDP over the past 50 to 100 years can be attributed to a combination of factors. Technological advancements, increased education and skills, globalization, infrastructure development, institutional stability, financial innovations, demographic changes, effective government policies, and scientific research have collectively driven economic growth. Entrepreneurship and innovation, in particular, have played a pivotal role in creating new industries and transforming existing ones. These factors, along with a stable political and economic environment, have fostered confidence among investors and businesses, contributing to sustained economic expansion.