has a price elasticity whose numerical value is exactly equal to one QUESTION 16 Supply for a particular product: O has the same elasticity in the short run and long run O is more elastic in the long run than in the short run O is more elastic in the short run than in the long run O is more elastic the larger the product is in buyers' budgets is more elastic when the product is a necessity than when it is a luxury QUESTION 17 Consider the accompanying table. If the price of capital is $1 per unit and the price of labour method that maximizes Simply Cotton's productive efficiency is:has a price elasticity whose numerical value is exactly equal to one QUESTION 16 Supply for a particular product: O has the same elasticity in the short run and long run O is more elastic in the long run than in the short run O is more elastic in the short run than in the long run O is more elastic the larger the product is in buyers' budgets is more elastic when the product is a necessity than when it is a luxury QUESTION 17 Consider the accompanying table. If the price of capital is $1 per unit and the price of labour method that maximizes Simply Cotton's productive efficiency is