The supply of a good will be more elastic, the
A)more the good is considered a luxury.
B)broader is the definition of the market for the good.
C)larger the number of close substitutes for the good.
D)longer the time period being considered.

Question

Quizplus · Accepted Answer

The supply of a good is more elastic over a longer time period because producers have more time to adjust their production processes and resources in response to price changes.

The Supply of a Good Will Be More Elastic, the