As producers have more time to adjust to a price change, price ...

[mwit1967]

As producers have more time to adjust to a price change, price elasticity of supply
 a. increases
  b. decreases
  c. remains the same
  d. rises and then falls
  e. falls and then rises

Question 2

The supply curve will be more elastic if
 a. the good has few substitutes
  b. the time the producer has to adjust is long
  c. the time frame for adjusting to price changes is short
  d. demand is elastic
  e. demand is inelastic

[cascooper22]

Answer to Question 1

A

Answer to Question 2

B