4.04 quiz understanding the law of supply

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which statement is the best example of the inelasticity of supply?

a wheat farmer must harvest his crop when ripe

what does the law of supply state

producers will produce or supply more of a good as the price of the good increases

which factor can cause a shift in supply?

production increases and establishment of new companies

as prices rise, why will producers increase production of a product?

they want to obtain higher profits

in the long term, the elasticity of supply is affected most by what?

time


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