As time passes after a change in the price, the supply of a good or service
A) becomes more elastic.
B) becomes less elastic.
C) initially becomes more elastic and then becomes less elastic.
D) initially becomes less elastic and then becomes more elastic.

Question

Quizplus · Accepted Answer

As time passes, producers have more time to adjust their production processes and resources, making the supply of a good or service more elastic.

As Time Passes After a Change in the Price, the Supply