Alfred Marshall recognized time in the determination of supply elasticity.His 'momentary market period' is shown through a short-run supply curve which is:
A)perfectly elastic.
B)elastic.
C)inelastic.
D)perfectly inelastic.
E)It could either be elastic or have unitary elasticity.

Question

Quizplus · Accepted Answer

Alfred Marshall's 'momentary market period' concept refers to a very short period during which the supply of a good is fixed, meaning it cannot be increased or decreased in response to changes in price. Therefore, the short-run supply curve in this context is perfectly inelastic, as the quantity supplied does not change regardless of price changes.

Alfred Marshall Recognized Time in the Determination of Supply Elasticity