The price elasticity of supply for basmati rice (an aromatic strain of rice) is likely to be which of the following?multiple choiceHigher in the long run than the short run, because farmers cannot easily change their decisions about how much basmati rice to plant once the current crop has been planted.Low in both the long and short runs, because rice farming requires only unskilled labor.High in both the long run and the short run, because the inputs required to produce basmati rice can easily be duplicated.High, because consumers have a lot of other kinds of rice and other staple foods to choose from.

Elasticity of supply is a measure of the responsiveness of the quantity supplied of a good or…

Answered: The price elasticity of supply for…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The price elasticity of supply for basmati rice (an aromatic strain of rice) is likely to be which of the following?

multiple choice

Higher in the long run than the short run, because farmers cannot easily change their decisions about how much basmati rice to plant once the current crop has been planted.
Low in both the long and short runs, because rice farming requires only unskilled labor.
High in both the long run and the short run, because the inputs required to produce basmati rice can easily be duplicated.
High, because consumers have a lot of other kinds of rice and other staple foods to choose from.

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