Asked by Jayleen Bocanegra on Jun 29, 2024
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With regard to elasticity, if a firm has a longer time to adjust to a price increase, supply will be more
Elasticity
A measure in economics that indicates how the quantity demanded or supplied of a product changes in response to a change in price.
Supply
Represents the total amount of a specific good or service that is available to consumers.
- Acquire knowledge about the elements that impact the suppleness of supply, notably the time frames and capabilities for production.
Verified Answer
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Learning Objectives
- Acquire knowledge about the elements that impact the suppleness of supply, notably the time frames and capabilities for production.