question archive The elasticity of supply is typically greater when: A
The elasticity of supply is typically greater when: A
Subject:EconomicsPrice:2.88 Bought3
The elasticity of supply is typically greater when:
A. producers have fewer alternative goods to produce.
B. producers have less time to respond to price changes.
C. producers are operating near the limits of their production.
D. producers have less access to raw materials necessary for production.
E. producers have more time to respond to price changes.
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The correct option is:
E. producers have more time to respond to price changes.
When the producer has enough time to respond to the price change of the product and adjust its quantity supplied accordingly, the price elasticity of supply would be elastic.
