Recall the Application About the Short-Run and Long-Run Elasticity of Supply

Multiple Choice

Recall the Application about the short-run and long-run elasticity of supply of coffee to answer the following question(s) .
-Recall the Application. If the price of coffee beans increases by 20 percent and stays there for a year, the quantity of coffee supplied will ________ by a relatively ________ amount.

A) increase; large
B) increase; small
C) decrease; large
D) decrease; small