In general, the longer the period producers have to make adjustments, the
A) less elastic is the supply curve.
B) fewer the adjustments firms can make to price changes.
C) more elastic is the supply curve.
D) steeper is the supply curve.

Question

Quizplus · Accepted Answer

The more time producers have to adjust to changes in demand or price, the more they can increase or decrease production, making the supply more elastic. Elasticity refers to the responsiveness of quantity supplied to a change in price.

In General, the Longer the Period Producers Have to Make