Asked by jeffrey caldarona on Jun 04, 2024
Verified
Over time,the supply of a particular good or service tends to
A) become more elastic.
B) become less elastic.
C) stay about the same.
Becomes More Elastic
Describes a situation where a product or service's demand or supply becomes more sensitive to changes in price.
Supply
The total amount of a product or service available for purchase at any given time, influencing pricing and market equilibrium.
- Examine the impact of market conditions on elasticity.
Verified Answer
ZK
Zybrea KnightJun 05, 2024
Final Answer :
A
Explanation :
Over time, the supply of a particular good or service tends to become more elastic because producers have more time to adjust their production processes, resources, and capacities in response to changes in market demand.
Learning Objectives
- Examine the impact of market conditions on elasticity.
Related questions
In Markets Entered by Southwest Airlines, Gains in Passenger Traffic ...
The Demand Curve in a Purely Competitive Industry Is ______,While ...
A Perfectly Elastic Demand Curve Implies That the Firm ...
If the Price Elasticity of Demand for a Good Is ...
If the Demand for Donuts Is Inelastic, Then an Increase ...