What is the likely nature of the price elasticity of supply of a crop such as rice?
1 )
highly elastic in both the short and the long run as rice is an essential product
2 )
highly elastic in the short run and more inelastic in the long run as production methods improve
3 )
highly inelastic in both the short and the long run as the land area of a country is fixed
highly inelastic in the short run and more elastic in the long run as it takes time to plant rice
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