The short-run elasticity of supply is less than the long-run elasticity of supply
A) because consumers' tastes and preferences change in the long run but not in the short run.
B) because producers can adjust the amount of machinery in the long run but not in the short run.
C) only for durable goods.
D) only for nondurable goods.
Question 2
Which of the following goods probably has the lowest (absolute value) short-run price elasticity of demand?
A) fresh fruit
B) frozen dinners
C) cars
D) refrigerators
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