Business, 15.07.2020 03:01, mommyp1973

The price elasticity of supply for basmati rice (an aromatic strain of rice) is likely to be which of the following? A. High in both the long run and the short run, because the inputs required to produce basmati rice can easily be duplicated.
B. Low in both the long and short runs, because rice farming requires only unskilled labor.
C. High, because consumers have a lot of other kinds of rice and other staple foods to choose from.
D. Higher in the long run than the short run, because farmers cannot easily change their decisions about how much basmati rice to plant once the current crop has been planted.

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The price elasticity of supply for basmati rice (an aromatic strain of rice) is likely to be which o...