Economics (AS & A Level) · May / June 2025 · Paper 14 · Question 9

What is the likely nature of the price elasticity of supply of a crop such as rice?

1. Ahighly elastic in both the short and the long run as rice is an essential product
2. Bhighly elastic in the short run and more inelastic in the long run as production methods improve
3. Chighly inelastic in both the short and the long run as the land area of a country is fixed
4. Dhighly inelastic in the short run and more elastic in the long run as it takes time to plant rice

As printed in the paper