A baker of chocolate chip cookies is likely to have a ______________ price elasticity of supply than does the seller of rare baseball cards due to ______________.
A) more elastic; the availability of inputs
B) less elastic; the availability of inputs
C) less elastic; a shorter adjustment time
D) less elastic; a more flexible production process

Question

Quizplus · Accepted Answer

The baker of chocolate chip cookies has a more elastic supply because the inputs (flour, sugar, chocolate chips) are readily available, allowing for easier adjustment in production.

A Baker of Chocolate Chip Cookies Is Likely to Have