In the long term, the elasticity of supply is affected most by:

A. time
B. resources
C. labor
D. capital

--------------------------------------time

Answered by arrickrodgers1 | 2024-06-10

In the long term, the elasticity of supply is affected most by time . The correct option is A .
What is meant by elasticity of supply?
Price elasticity of supply is the percentage change in quantity supplied as a result of a specific **percentage **change in the commodity's own price. The ratio between the percentage change in the quantity delivered and the percentage change in the commodity's price is used to calculate it.
In the long term, the elasticity of supply is affected most by time because it allows producers to adjust their** production **processes and inputs. In the short term, **producers **may not be able to adjust their inputs or production processes easily.
However, in the long term, producers have more flexibility to adjust their** production processes**, find new resources or suppliers, and develop new technologies that can increase their efficiency and reduce their costs. As a result, over time, the supply of a product becomes more elastic as producers become more responsive to changes in** price**.
Thus, the ideal** selection** is option A .
Learn more about the elasticity of supply here:
https://brainly.com/question/30856689
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Answered by vtalishathapar | 2024-06-17

The elasticity of supply is primarily affected by time as it allows producers to adjust their production processes and inputs. In the short term, supply is less elastic since adjustments are limited, but in the long term, producers gain more flexibility to respond to price changes. Therefore, the correct option is A: time.
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Answered by vtalishathapar | 2024-09-30