Which of the Following Statements About Elasticity of Supply Is

question 29

Multiple Choice

Which of the following statements about elasticity of supply is TRUE?

• A) A product's elasticity of supply is calculated directly from its elasticity of demand.
• B) In the long run, the supply curve for most products is highly inelastic.
• C) If a product's demand curve is inelastic, then its supply curve also must be inelastic.
• D) In the very short run (after the growing season has begun), the supply curve for most agricultural products is highly inelastic.
• E) All of the above are true.

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