WAEC Economics 2019 Objective — Question 13
Question 13 of 50 from the West African Examinations Council (WAEC) Economics 2019 Objective paper, with the correct answer and a full explanation.
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Supply of agricultural product is likely to be elastic in the A. intermediate period B. long run C. market period D. short-run
- A. intermediate period
- B. long runCorrect
- C. market period
- D. short-run
Explanation
In the long run, there are many farmers/producers able to adjust output significantly, so the supply of agricultural produce tends to be elastic.
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