Unlike demand, the longer the time suppliers have to respond to a change in price, the less elastic is the supply curve.

Name: Unlike demand, the longer the time suppliers have to respond to a change in price, the less elastic is the supply curve.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The longer the time suppliers have to respond to a change in price, the more elastic the supply curve becomes, as they have more time to adjust their production and resources.

Unlike Demand, the Longer the Time Suppliers Have to Respond