Which statement is likely to be associated with an elastic supply?
A)The time period under consideration is very short.
B)The inputs necessary for production can readily be increased.
C)The good is necessary for survival (e.g., a life-saving drug).
D)Consumers are willing to pay any price for the good.

Question

Quizplus · Accepted Answer

An elastic supply means that the quantity supplied can easily and quickly respond to changes in price. This is usually the case when inputs for production are readily available and can be increased without significant cost or delay. Therefore, choice B is the most likely statement associated with an elastic supply.

Which Statement Is Likely to Be Associated with an Elastic