Generally, the supply of a resource in the short run will be
A) more elastic than in the long run.
B) less elastic than in the long run.
C) equally elastic as the supply of the resource in the long run.
D) directly related to the elasticity of demand for the product that the resource helps produce.

Question

Quizplus · Accepted Answer

In the short run, the supply of a resource is typically less elastic because producers have limited time to adjust their production processes or resource allocations. In the long run, they can make more adjustments, such as investing in new technology or finding alternative resources, making supply more elastic.

Generally, the Supply of a Resource in the Short Run