Asked by
Andrea Trejo
on Nov 10, 2024Verified
As the period for firms to expand output is lengthened, the elasticity of the market supply curve will
A) approach zero.
B) increase.
C) decrease.
D) remain the same since time does not affect the elasticity of market supply.
Market Supply
The total quantity of a good or service that sellers are willing and able to sell at a given price over a specific period.
Elasticity
Elasticity refers to the measure of how much the quantity demanded or supplied of a good changes in response to a change in price.
- Elucidate on the elements influencing supply elasticity and its fluctuation from the short run to the long run.
Verified Answer
KK
Learning Objectives
- Elucidate on the elements influencing supply elasticity and its fluctuation from the short run to the long run.