In the market for farm crops momentary supply is ________. In the market for farm crops, short-run supply is ________.
A)less elastic than short-run supply; less elastic than long-run supply
B)more elastic than short-run supply; more elastic than long-run supply
C)negative; positive
D)positive; negative
E)perfectly elastic; perfectly inelastic

Question

Quizplus · Accepted Answer

Momentary supply is less elastic because it cannot respond quickly to price changes, while short-run supply is more elastic than momentary supply but less elastic than long-run supply due to some ability to adjust production.

In the Market for Farm Crops Momentary Supply Is ________