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The Longer the Period of Time Allowed for the Producer

Question 5

Multiple Choice

The longer the period of time allowed for the producer of a good to adjust to a change in the price of the good, the ____________ the price elasticity of supply will be. This statement assumes that the quantity supplied __________ be altered with time.


A) more elastic; can
B) more elastic; cannot
C) more inelastic; can
D) more inelastic; cannot

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