Which of the following is least likely to affect the elaticity of supply for a good ? A)time elapsed since price change B)the uniqness of production inputs c)the timeframe for making decisions I thought the answer to be B ,but it is’nt ,Kindly help on this -niki
I think the Answer’s A. The elasticity of supply depends on the availability of substitute resources and raw materials (uniqueness of production inputs) and the time from for making the supply deicison. Elasticity of demand is depends on the time elapsed since the price change among other factors.
Thanks …thts now clear …just got confused between elasticity of supply and demand
I think it’s C