Question: Suppose the demand for sweaters is very elastic, while the demand for cigarettes is very inelastic. Suppose that looms are used exclusively in the production

Suppose the demand for sweaters is very elastic, while the demand for cigarettes is very inelastic.

Suppose that looms are used exclusively in the production of sweaters and that tobacco is used exclusively in the production of cigarettes. Which of the following might we expect?

The supply of looms would be less elastic than the supply of tobacco.

The demand for looms would be less elastic than the demand for tobacco.

The demand for looms would be more elastic than the demand for tobacco.

The supply of looms would be more elastic than the supply of tobacco.

Suppose the demand for sweaters is very elastic, while the demand

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