The Price Elasticity of Supply for Milk in the Short

question 13

Multiple Choice

The price elasticity of supply for milk in the short run has been estimated to be 0.36, while the price elasticity of supply for milk in the long run is estimated to be 0.51.That means the supply of milk is:

• A) less elastic in the short run than in the long run.
• B) elastic in both the short run and the long run.
• C) relatively more elastic (that is, less inelastic) in the long run than in the short run.
• D) relatively less elastic (that is, more inelastic) in the long run than in the short run.

---

Definitions:

Sustainable Business

A business model that operates in ways that do not deplete natural resources or harm the environment, ensuring long-term ecological balance.

Natural Environment

The physical, biological, and chemical surroundings in which living and non-living organisms interact.

Future Generations

The subsequent generations of people who will live after the current one and whose well-being is considered in long-term planning and environmental conservation.

Specific Environment

The unique external forces and conditions, including competitors, customers, and regulatory bodies, that directly affect how an organization operates.