Because of aging requirements it takes many years to make good Scotch. If a technology were invented that made it possible to create good Scotch literally overnight, how would the short-run supply of good Scotch change?
A) It would become more elastic.
B) It would become less elastic.
C) Its elasticity would remain the same.
D) It is impossible to say anything about the change.

Question

Quizplus · Accepted Answer

The invention of a technology that can make good Scotch overnight would increase the short-run supply of good Scotch, making it easier for producers to respond quickly to changes in demand. This would result in a more elastic supply curve, as producers would be able to produce more or less Scotch at a lower cost than before, depending on market conditions.

Because of Aging Requirements It Takes Many Years to Make