The Price Elasticity of Supply Becomes ________ Elastic Over Time

question 158

Multiple Choice

The price elasticity of supply becomes ________ elastic over time because _________.

• A) less; producers grow accustomed to the price changes
• B) less; firms have time to move into or out of the industry
• C) more; producers have more time to adjust their production decisions
• D) more; producers grow accustomed to the price changes

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Definitions:

Harmful Indirect

Referring to unintentional negative effects on the environment or health that are not a direct result of an action but occur as secondary consequences.

Goods

Items or products that are manufactured or produced for sale and consumption by consumers.

Costs

The value of resources used for producing goods or services, or the expenditure incurred in achieving a particular purpose.

Environmentally Harmful

Describes actions or processes that negatively affect the environment, leading to damage or degradation of natural resources.