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Basic Question 5 of 8
In the short run, ______
B. supply is relatively inelastic.
C. the elasticity of supply is unrelated to time.
A. supply is relatively elastic.
B. supply is relatively inelastic.
C. the elasticity of supply is unrelated to time.
User Contributed Comments 4
| User | Comment |
|---|---|
| isida | this is different from supply of mobile resources such as labor or land...here we are just talking about the supply of merchandise for example |
| kalps | no it is supply of everything - for example you cannot get an extra person to work for you on the same day it takes time forexample training and recruiting |
| magicchip | adjusting inputs takes time. therefore, supply inelastic over short time frames. |
| choas69 | small time gap to adapt and adjust. |
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Learning Outcome Statements
determine and interpret break even and shutdown points of production, as well as how economies and diseconomies of scale affect costs under perfect and imperfect competition
CFA® 2024 Level I Curriculum, Volume 1, Module 1.