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Question

Write True or False with a reason.
In the long period, elasticity of supply tends to be lower than in the short period.

A
True
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B
False
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Solution

The correct option is B False
False. Longer the time period, greater will be the elasticity of supply. Because, over a long period of time, more and more factors are easily available and their input can be changed to increase (or decrease) output of the commodity.

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