Figure 2.5.4
-The secondary supply of copper is:
A) more elastic in the short run than in the long run.
B) less elastic in the short run than in the long run.
C) equally elastic in the short run and in the long run.
D) unit elastic in the short run and perfectly elastic in the long run.

Question

Figure 2.5.4
-The secondary supply of copper is:
A) more elastic in the short run than in the long run. 
B) less elastic in the short run than in the long run. 
C) equally elastic in the short run and in the long run. 
D) unit elastic in the short run and perfectly elastic in the long run.

Quizplus · Accepted Answer

The secondary supply of copper is more elastic in the short run than in the long run because in the short run, producers can increase output by using existing capacity more intensively, while in the long run, they must invest in new capacity, which is more costly and time-consuming.

Figure 2.5.4 -The Secondary Supply of Copper Is