44)Suppose the price of television sets rises by 10 percent. Which of the following would we expect to be the most elastic following such a price change?
Select one:
a. The momentary supply of television sets
b. The short-run supply of television sets
c. The long-run supply of television sets
d. The normal demand for television sets
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Answer:
b) The short run supply of television sets
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a.) The momentary supply of television sets.
- The supply elasticity will be larger if one may use different resources to generate a certain item or service. Suppliers will then produce more products with a minor price rise since they have additional resources.
- The supply elasticity increases with the amount of time that has been passed since a price change. This is the momentary supply.
- The short-run supply is what we look at when there is a price shift and we want to examine tiny alterations that alter the quantity delivered. Short-term supply is a little stretchy. When there is a certain price shift and we wish to consider all potential changes that affect the quantity delivered, we then consider the long-term supply. The supply is most elastic in the long run.
Hence, in the case of these television sets, the momentary supply of television sets will be the most elastic.
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