Almonds are a crop that grows on trees. Farmers do not need to replant trees every year to produce a crop of almonds. It takes at least five years after planting for trees to bear fruit. Several factors such as weather, disease, and long term projections about price impact the supply of almonds available. Barley is a grass that must be planted each year to produce a crop. The growing season is short, about three to four months. Several factors influence farmers' decisions to plant barley each year, including price, weather, and disease. 1. Select each factor which helps determine the price elasticity of supply for a product.  Select all the correct answers a. ease of firms to enter or exit the market b. the ability to store product c. flexibility of inputs or resources used to make a product

MACROECONOMICS FOR TODAY
10th Edition
ISBN:9781337613057
Author:Tucker
Publisher:Tucker
Chapter3: Market Demand And Supply
Section: Chapter Questions
Problem 2SQ: Which of the following would not cause market demand for a normal good to decline? a. An increase in...
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Almonds are a crop that grows on trees. Farmers do not need to replant trees every year to produce a crop of almonds. It takes at least five years after planting for trees to bear fruit. Several factors such as weather, disease, and long term projections about price impact the supply of almonds available.

Barley is a grass that must be planted each year to produce a crop. The growing season is short, about three to four months. Several factors influence farmers' decisions to plant barley each year, including price, weather, and disease.

1. Select each factor which helps determine the price elasticity of supply for a product. 
Select all the correct answers
a. ease of firms to enter or exit the market
b. the ability to store product
c. flexibility of inputs or resources used to make a product
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