Economics commentator Gail Brythe is discussing the different factors that influence the elasticity of supply. She states the following: Statement 1: Elasticity of supply is greater when a good or service can only be produced with unique or rare inputs. Statement 2: Typically, a good’s momentary supply elasticity is higher than its short-run supply elasticity, which in tuna is higher than its long-run supply elasticity. Are Brythe’s statements correctStatement 1 Statement 2() ①A. CorrectCorrect ②B. CorrectIncorrect ③C. Incorrect Incorrect
A. ①
B. ②
C. ③