Answer:
Step-by-step explanation:
The greater the amount of time that passes after a price change, the more elastic supply becomes. When there is a price change in a market, the elasticity of supply refers to how responsive the quantity supplied is to that price change. In other words, it measures the sensitivity of the quantity supplied to changes in price. If supply is elastic, it means that a small change in price will cause a relatively large change in the quantity supplied. This indicates that suppliers are able to adjust their production levels quickly in response to price changes. On the other hand, if supply is inelastic, it means that a change in price will result in a relatively smaller change in the quantity supplied. This indicates that suppliers are not able to easily adjust their production levels in response to price changes. Therefore, when more time passes after a price change, suppliers have more opportunities to adjust their production processes, find alternative inputs, or respond to market conditions. This increased flexibility allows supply to become more elastic, meaning that the quantity supplied becomes more responsive to changes in price.