When will the supply of a good be more elastic? a. when the time period being considered is longer b. when the market is defined more broadly c. when the good is considered more of a luxury d. when the good has fewer close substitutes
Added by Prabhjot S.
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When the time period being considered is longer: The supply of a good tends to be more elastic in the long run because suppliers have more time to adjust their production levels in response to price changes. So, yes, the supply of a good will be more elastic when Show more…
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