Explain the behaviour of firm's supply in the context of time horizon. Or How does time period affect the elasticity of supply of a commodity?

Explain the behaviour of firm's supply in the context of time horizon.

1.	Explain the behaviour of firm's supply in the context of time horizon. Or How does time period affect the elasticity of supply of a commodity?
Answer» Solution :Time PERIOD affects the price elasticity of SUPPLY. LONGER the time period, greater is the elasticity of supply , shorter the time period, lesser is the elasticity of supply. EFFECT of time period differs between