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:

Likert Scale

A psychometric scale commonly involved in research that employs questionnaires. It is used for assessing attitudes by asking respondents to rate their level of agreement with a statement using a choice scale.

Attitudes

A settled way of thinking or feeling about something, typically reflected in a person's behavior.

Sympathetic Arousal

A component of the autonomic nervous system's response preparing the body for fight-or-flight reactions to perceived threats, characterized by increased heart rate, blood pressure, and energy mobilization.

Self-handicapping Strategy

Behavioral or psychological tactics employed by individuals to prevent self-blame by generating excuses or hindrances to performance in anticipation of potential failure.