Because of the large number of firms that operate in the agricultural industry,the supply of agricultural products is inelastic over the entire range of output.

Question

Quizplus · Accepted Answer

The supply of agricultural products is generally considered elastic due to the large number of firms in the industry, which means that the quantity supplied can change significantly in response to price changes. However, in the short term, factors like growing seasons and fixed amounts of arable land can make supply inelastic.

Because of the Large Number of Firms That Operate in the Agricultural