A firm’s product price increases by 12%. One week later, the firm is still able to make only the same quantity, but after one month it can raise output by 6%. How would the price elasticity of supply be described after one week and after one month?
- Aafter one week: infinite; after one month: elastic
- Bafter one week: infinite; after one month: inelastic
- Cafter one week: zero; after one month: elastic
- Dafter one week: zero; after one month: inelastic