4 years ago

The key factor that determines whether the supply of a good will be elastic or inelastic is _____.

1 answer:

8 0

The correct answer is time

Whether a company is elastic or inelastic depends on how much time it needs to change the amount of supply of a good. Supply is inelastic if the company can't change the supply in the short run, but is elastic if they can. It is described as a proportionate change in one thing as the other thing is reduced, in this case the supply and time.

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