A corn farmer is likely to have a _____________ price elasticity of supply than does a tree farmer due to ________________.
A) more elastic; a more flexible production process
B) less elastic; a more flexible production process
C) less elastic; a less flexible production process
D) more elastic; a less flexible production process

Question

Quizplus · Accepted Answer

Corn farmers have a more elastic price elasticity of supply because they can adjust their production more quickly and easily compared to tree farmers, who have a longer production cycle and less flexibility.

A Corn Farmer Is Likely to Have a _____________ Price