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Subject - Economics:

Microeconomics

MCQ - 119-4129

Question:

The elasticity of supply is typically greater when

  1. producers have fewer alternative goods to produce.
  2. producers have less time to respond to price changes
  3. producers are operating near the limits of their production.
  4. producers have less time to respond to price changes
  5. producers have more time to respond to price changes.

Correct Answer: E

Explanation:

The supply curve is more elastic as more time elapses.

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269 MCQ for effective preparation of the test of Microeconomics of Economics section.

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