It Takes a Considerable Amount of Time to Increase the Production

question 113

Multiple Choice

It takes a considerable amount of time to increase the production of pork. This implies that

• A)a change in the demand for pork will not affect its price in the short run.
• B)the short-run supply curve for pork is less elastic than the long-run supply curve for pork.
• C)an increase in the demand for pork will elicit a larger supply response in the short run than in the long run.
• D)the long-run supply curve for pork is less elastic than the short-run supply curve for pork.