As the time to respond to a change in market conditions increases, the odds of supply being elastic:
A)Increase.
B)Decrease.
C)Stay the same.
D)Cannot be determined.

Question

As the time to respond to a change in market conditions increases, the odds of supply being elastic:
A)​Increase.
B)​Decrease.
C)​Stay the same.
D)​Cannot be determined.

Quizplus · Accepted Answer

Elasticity of supply refers to how quickly and effectively producers can respond to changes in market conditions, such as price changes. When producers have more time to respond to these changes, they can adjust their production processes, resource allocation, and other factors more efficiently, increasing the elasticity of supply.

As the Time to Respond to a Change in Market