Question

Why is supply elasticity higher in the long run than in the short run?​

Answer 1

Answer:

Supply is normally more elastic in the long run than in the short run for produced goods, since it is generally assumed that in the long run all factors of production can be utilized to increase supply, whereas in the short run only labor can be increased, and even then, Page 2 changes may be prohibitively costly.

Answer 2

Answer:

Supply is normally more elastic in the long run than in the short run for produced goods, since it is generally assumed that in the long run all factors of production can be utilized to increase supply, whereas in the short run only labor can be increased, and even then, Page 2 changes may be prohibitively costly. So, supply elasticity is higher in the long run than in the short run.

Explanation:

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