The duration of the short-run
A) is one year.
B) is the same for all goods.
C) depends on the relative short-run elasticity of demand and supply for the good.
D) depends on how long it takes consumers or firms to adjust for a particular good.
Question 2
As the demand for corn increases to provide input for ethanol production, what is expected to happen to the price elasticity of corn supply?
A) It will decrease.
B) It will become zero.
C) It will increase.
D) It will not change.
