question archive The longer the time period considered, the more elasticity of supply tends to: a) decrease b) converge to zero c) increase d) remain constant
The longer the time period considered, the more elasticity of supply tends to: a) decrease b) converge to zero c) increase d) remain constant
Subject:EconomicsPrice:2.88 Bought3
The longer the time period considered, the more elasticity of supply tends to: a) decrease b) converge to zero c) increase d) remain constant.
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The answer is c) increase. When the time becomes longer, the options that a firm uses to improve supply increase. There may only be time to add some overtime to adjust the output for higher prices in the short run. In the long run, a project to increase the factory size or purchase more machinery increases supply elasticity.
