61.Which of the following statements best describes the relationship between short-run supply elasticity and long-run supply elasticity?
A) For many products,long-run supply is likely to be more price elastic than short-run supply.
B) For products that can be recycled,long-run supply is likely to be more price elastic than short-run supply.
C) For many products,long-run supply is likely to be less price elastic than short-run supply.
D) Both a) and b) are generally true,but c) is generally false

Question

Quizplus · Accepted Answer

For many products, long-run supply is likely to be more price elastic than short-run supply because in the long run, producers have more time to adjust their production to changes in price.

61Which of the Following Statements Best Describes the Relationship Between