The Demand for a Resource Is Generally More

Multiple Choice

The demand for a resource is generally more

A) elastic in the short run because it takes time to alter the ratio of resources used in many production processes.
B) inelastic in the short run because it takes time to alter the ratio of resources used in many production processes.
C) elastic in the short run because an increase in the price of the resource may not be expected to last.
D) inelastic in the short run because once resource suppliers find out they can charge a higher price, they will do so in the long run.