What is the shape of a supply curve when producers have little time to adjust to price changes?A.HorizontalB.SteepC.FlatD.Vertical
Question
Solution 1
To understand the shape of a supply curve when producers have limited time to adjust to price changes, we can analyze the characteristics of each option:
- Horizontal: This indicates perfectly elastic supply, meaning producers will supply any quantity at a particular price. This scenario is un Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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