Asked by
Anna-Brooke Matkins
on Nov 25, 2024
Verified
It takes a considerable amount of time to increase the production of pork. This implies that
A) a change in the demand for pork will not affect its price in the short run.
B) the short-run supply curve for pork is less elastic than the long-run supply curve for pork.
C) an increase in the demand for pork will elicit a larger supply response in the short run than in the long run.
D) the long-run supply curve for pork is less elastic than the short-run supply curve for pork.
Production Of Pork
The process involved in breeding, raising, and slaughtering pigs for the purpose of obtaining pork products.
Elastic Supply
A situation where the quantity supplied of a good or service changes significantly in response to changes in its price.
Time Period
A specific duration or span of time during which certain events or processes occur or are evaluated.
- Achieve an understanding of the fundamental concept of price elasticity in demand and supply.
- Recognize the criticality of time in determining the elasticity of price.
Verified Answer
IV
Learning Objectives
- Achieve an understanding of the fundamental concept of price elasticity in demand and supply.
- Recognize the criticality of time in determining the elasticity of price.