Almonds are a crop that grows on trees. Farmers do not need to replant trees every year to produce a crop of almonds. It takes at least five years after planting for trees to bear fruit. Several factors such as weather, disease, and long term projections about price impact the supply of almonds available. Barley is a grass that must be planted each year to produce a crop. The growing season is short, about three to four months. Several factors influence farmers' decisions to plant barley each year, including price, weather, and disease. 1. Select each factor which helps determine the price elasticity of supply for a product. Select all the correct answers a. ease of firms to enter or exit the market b. the ability to store product c. flexibility of inputs or resources used to make a product
Almonds are a crop that grows on trees. Farmers do not need to replant trees every year to produce a crop of almonds. It takes at least five years after planting for trees to bear fruit. Several factors such as weather, disease, and long term projections about price impact the supply of almonds available. Barley is a grass that must be planted each year to produce a crop. The growing season is short, about three to four months. Several factors influence farmers' decisions to plant barley each year, including price, weather, and disease. 1. Select each factor which helps determine the price elasticity of supply for a product. Select all the correct answers a. ease of firms to enter or exit the market b. the ability to store product c. flexibility of inputs or resources used to make a product
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Almonds are a crop that grows on trees. Farmers do not need to replant trees every year to produce a crop of almonds. It takes at least five years after planting for trees to bear fruit. Several factors such as weather, disease, and long term projections about
Barley is a grass that must be planted each year to produce a crop. The growing season is short, about three to four months. Several factors influence farmers' decisions to plant barley each year, including price, weather, and disease.
1. Select each factor which helps determine the price elasticity of supply for a product.
Select all the correct answers
a. ease of firms to enter or exit the market
b. the ability to store product
c. flexibility of inputs or resources used to make a product
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