Remember the fish market? On the market day, the supply curve is ____________ but over the long run the supply curve is quite __________.
A) income inelastic; elastic
B) elastic; inelastic
C) inelastic; elastic
D) fixed; variable
E) variable; fixed

Question

Quizplus · Accepted Answer

The supply curve is inelastic in the short term because suppliers cannot quickly adjust the quantity of fish available to market changes. Over the long run, the supply curve is elastic because suppliers have more time to adjust their operations based on market demands.

Remember the Fish Market? on the Market Day, the Supply