Multiple Choice
Which of the following explains why supply is more elastic as more time passes?
A) It is difficult or impossible to increase the quantity produced in a short period of time.
B) Consumers have more time to search for substitutes.
C) Sellers try to take advantage of a high price in the short term.
D) The supply curve becomes generally steeper as more time passes.
E) There is no explanation for this phenomenon.
Correct Answer:

Verified
Correct Answer:
Verified
Q304: If the cross elasticity of demand for
Q305: If the price doubles and the quantity
Q306: If a 5 percent increase in income
Q307: If the price elasticity of demand for
Q308: One reason why the demand for gasoline
Q310: The demand for necessities generally is _
Q312: If the cross elasticity of demand between
Q313: What factors determine the size of the
Q314: What is the formula for the cross
Q347: What happens to the price elasticity of