Which of the following explains why supply is more elastic as more time passes?
A) It is difficult or impossible to increase the quantity produced in a short period of time.
B) Consumers have more time to search for substitutes.
C) Sellers try to take advantage of a high price in the short term.
D) The supply curve becomes generally steeper as more time passes.
E) There is no explanation for this phenomenon.

Question

Quizplus · Accepted Answer

As more time passes, firms have more time to adjust their production processes and increase the quantity produced. In the short term, it may be difficult or impossible to change the quantity produced quickly, leading to a less elastic supply.

Which of the Following Explains Why Supply Is More Elastic