Supply is said to be inelastic when the quantity supplied changes* more than the change in its price. less than the change in it price. 2 equal to the change in its price. none of the above. Elasticity of supply tends to be greater when* inputs are specialized. time period allowed for adjustment is fairly long. degree of advertising is great. demand for the product is inelastic The supply curve overtime is more elastic than the supply curve over the short period of time because, given sufficient time* production techniques become more expensive.
Supply is said to be inelastic when the quantity supplied changes* more than the change in its price. less than the change in it price. 2 equal to the change in its price. none of the above. Elasticity of supply tends to be greater when* inputs are specialized. time period allowed for adjustment is fairly long. degree of advertising is great. demand for the product is inelastic The supply curve overtime is more elastic than the supply curve over the short period of time because, given sufficient time* production techniques become more expensive.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Supply is said to be inelastic when the quantity supplied changes*
more than the change in its
less than the change in it price. 2
equal to the change in its price.
none of the above.
Elasticity of supply tends to be greater when*
inputs are specialized.
time period allowed for adjustment is fairly long.
degree of advertising is great.
demand for the product is inelastic
The supply curve overtime is more elastic than the supply curve over the short period of time because, given sufficient time*
production techniques become more expensive.
new firms can enter the industry and old firms can increase their plant size.
producers become more competitive.
consumers become more demanding.
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