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
