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WAEC Economics 2019 Question 12

Question 12

Elasticity

Supply of agricultural products is likely to be elastic in the

  1. A.intermediate period.
  2. B.long-run.
  3. C.market period
  4. D.short-run.
Show the answer and explanation

Answer: B (long-run.)

Explanation

Farmers need time to plant and harvest, so supply becomes elastic only in the long run.