The supply of a resource, such as oil, is likely to be
A) equally elastic in both the short and long run.
B) more elastic in the long run than in the short run.
C) more elastic in the short run than in the long run.
D) determined by the demand for the resource.

Question

Quizplus · Accepted Answer

In the long run, producers have more time to adjust their production processes and capacity, making the supply of a resource like oil more elastic compared to the short run.

The Supply of a Resource, Such as Oil, Is Likely