As time passes after a change in the price, the supply of a good or service
A) becomes less elastic.
B) initially becomes more elastic and then becomes less elastic.
C) initially becomes less elastic and then becomes more elastic.
D) becomes more elastic.

Question

Quizplus · Accepted Answer

Over time, producers can adjust their production processes, find alternative inputs, or enter/exit the market, making the supply of a good or service more elastic.

As Time Passes After a Change in the Price, the Supply