Answer
short; long-run; larger; short-run
Work Step by Step
Because of limited capacity, the elasticity of supply is limited in the short-run. In the long-run, capacity can be increased, increasing the elasticity of supply.
Microeconomics: Principles, Applications, and Tools (8th Edition)
by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Stephen
Published by
Prentice Hall
ISBN 10:
0-13294-886-9
ISBN 13:
978-0-13294-886-9
Chapter 5 - Elasticity: A Measure of Responsiveness - Exercises - 5.5 The Price Elasticity of Supply - Page 124: 5.3
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