What is the probable nature of the price elasticity of supply for a crop such as rice?
- Ahighly elastic in both the short and the long run as rice is an essential product
- Bhighly elastic in the short run and more inelastic in the long run as production methods improve
- Chighly inelastic in both the short and the long run as the land area of a country is fixed
- Dhighly inelastic in the short run and more elastic in the long run as it takes time to plant rice