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?

Elasticity of supply refers to the responsiveness of the quantity supplied of a good or service to a change in its price. Near infinite elasticity of supply in the short term implies that an industry can rapidly increase production in response to a price increase.

One industry that may have near infinite elasticity of supply in the short term is the digital products industry, particularly the supply of digital media such as ebooks, music, and software.

The digital products industry has near infinite elasticity of supply in the short term due to some unique characteristics: 1. Low marginal cost: Once a digital product like an ebook, music, or software is produced, the marginal cost of producing additional copies is virtually zero. This implies that the industry can increase the quantity supplied without much additional cost when the price of the product increases. 2. Easy distribution: Distribution of digital products can be done online instantly, making it simple and fast for suppliers to get their products to consumers. This allows the industry to respond quickly to changes in price demand. 3. Scalability: Digital products can be replicated and distributed at a large scale without concerns about capacity constraints or physical limitations, meaning that the quantity supplied can virtually be increased without limit when the price rises.

Near infinite elasticity of supply is important in the digital products industry as it allows suppliers to meet the changing needs of consumers while minimizing costs. It also enables businesses to take advantage of increased demand and potentially earn higher profits without worrying about production limitations.