In the market for farm crops,momentary supply is ________ and short-run supply is ________.
A)less elastic than short-run supply;less elastic than long-run supply
B)more elastic than short-run supply;more elastic than long-run supply
C)perfectly elastic;unit elastic
D)unit elastic;perfectly elastic
E)perfectly elastic;perfectly inelastic

Question

Quizplus · Accepted Answer

Momentary supply is less elastic than short-run supply because it reflects the immediate response of suppliers to price changes, with no time for adjustment. Short-run supply is less elastic than long-run supply because, in the short run, there are some fixed inputs, but in the long run, all inputs can be adjusted, making supply more responsive to price changes.

In the Market for Farm Crops,momentary Supply Is ________ and Short-Run