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

Question

Quizplus · Accepted Answer

In the short run, suppliers have limited ability to change production levels due to fixed resources and constraints, making supply less elastic compared to the long run where adjustments and resource allocations can be made more freely.

In the Short Run, the Supply of a Resource Will