The price elasticity of supply is ________ elastic over time because ________.
A. more; 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. less; producers get accustomed to the price changes
Answer: C
Economics
You might also like to view...
For which of the following goods is the income elasticity of demand likely lowest?
a. water b. sapphire pendant necklaces c. filet mignon steaks d. fresh fruit
Economics
People can be prevented from using a good if the good is
a. a private good or a club good. b. a private good or a common resource. c. a public good or a common resource. d. a private good or a public good.
Economics