The supply of corn will be more inelastic the
A) shorter the time that producers have to adjust to price changes
B) longer the time that producers have to adjust to price changes
C) greater the number the buyers in the corn market
D) easier it is to substitute capital for labor in corn production

Question

Quizplus · Accepted Answer

The supply of corn (or any good) will be more inelastic when producers have less time to adjust to price changes. This is because with shorter time frames, producers cannot easily change their production levels in response to price changes, making the supply less responsive or more inelastic.

The Supply of Corn Will Be More Inelastic the