Goods that can be produced using rare productive resources have a ________ elasticity of supply.The greater the amount of time available after a price change,the ________ is the elasticity of supply.
A)low;smaller
B)high;greater
C)high;smaller
D)low;greater
E)high;more inelastic

Question

Quizplus · Accepted Answer

Goods that require rare productive resources tend to have a low elasticity of supply because it's difficult to increase production quickly or substantially. The more time producers have to adjust to a price change, the greater the elasticity of supply becomes, as they can find more resources, improve technology, or increase capacity.

Goods That Can Be Produced Using Rare Productive Resources Have