Which of the Following Explains Why Supply Is More Elastic

question 309

Multiple Choice

Which of the following explains why supply is more elastic as more time passes?

• A) It is difficult or impossible to increase the quantity produced in a short period of time.
• B) Consumers have more time to search for substitutes.
• C) Sellers try to take advantage of a high price in the short term.
• D) The supply curve becomes generally steeper as more time passes.
• E) There is no explanation for this phenomenon.

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Definitions:

Joint Probability

The probability that two or more events happen at the same time. It's calculated by the intersection of the events' probabilities.

Marginal Probability

The probability of an event occurring, regardless of the possible outcomes of other related events.

Posterior Probability

The probability of assigning events or hypotheses after taking into consideration relevant evidence or background information.

Nominal Data

Represents data that can be categorized but not ranked or ordered numerically.