The Price Elasticity of Supply Is __________ Elastic Over Time

question 88

Multiple Choice

The price elasticity of supply is __________ elastic over time because ___________.

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

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Definitions:

Exist

To have actual being or reality.

Value

The importance, worth, or usefulness of something.

Instrument

An instrument in legal and financial contexts refers to a formal document that records a legal right, obligation, or transaction, such as a contract, will, promissory note, or security.

Obligations

Duties or responsibilities enforced by law, contract, or social norms that one party owes to another.