List factors that increase the price elasticity of supply
What will be an ideal response?
Factors that increase the price elasticity of supply are:
• The good has a constant or very gently rising opportunity cost of production.
• More time has passed since the price of the good changed.
• The good can be stored.
Economics
You might also like to view...
If both the goods and the labor market are perfectly competitive, a firm that hires labor up to a point where the value of marginal product of labor equals the wage rate also produces at a point where price is:
A) equal to average cost. B) equal to marginal cost. C) less than marginal cost. D) higher than marginal cost.
Economics
What are resources? Describe two different types of resources
What will be an ideal response?
Economics