Which of the following is likely to be associated with inelastic supply?
A) The time under consideration is very short.
B) The inputs necessary for production cannot readily be increased.
C) The good is necessary for survival (e.g., a life-saving drug).
D) The time under consideration is very short and the inputs necessary for production cannot readily be increased.

Question

Quizplus · Accepted Answer

Inelastic supply is often associated with situations where the time frame is too short to adjust production levels and where inputs cannot be easily increased, making it difficult to respond to changes in price.

Which of the Following Is Likely to Be Associated with Inelastic