When will the supply of a good be more elastic
A)when the good is considered more of a luxury
B)when the market is defined more broadly
C)when the good has fewer close substitutes
D)when the time period being considered is longer

Question

Quizplus · Accepted Answer

When the time period being considered is longer, producers have more time to adjust their production levels in response to changes in price. This flexibility leads to a more elastic supply, as compared to a shorter time period where production adjustments may be limited.

When Will the Supply of a Good Be More Elastic