Which of the following scenarios is likely to make the supply of maine lobsters more elastic?

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Which of the following scenarios is likely to make the supply of Maine lobsters more elastic? Time passes to allow lobstermen to adjust to market conditions.

Supply is normally more elastic in the long run than in the short run for produced goods, since it is generally assumed that in the long run all factors of production can be utilized to increase supply, whereas in the short run only labor can be increased, and even then, Page 2 changes may be prohibitively costly.

Is oil elastic or inelastic in the long run?

So in the short run, demand for fuel may be very inelastic. However, in the long run, the demand for oil may be more price elastic

Why is the supply of oil more price elastic in the long run?

Why is the supply of oil more price elastic in the long run? New deposits are found. Better extraction technology. Ability of firms to change the amount of all inputs, including oil.

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