The key factor that determines whether the supply of a good will be elastic or inelastic is _____.


consumption

output level

time

price

Respuesta :

The correct answer is time

Whether a company is elastic or inelastic depends on how much time it needs to change the amount of supply of a good. Supply is inelastic if the company can't change the supply in the short run, but is elastic if they can. It is described as a proportionate change in one thing as the other thing is reduced, in this case the supply and time.