Editing Elasticity (economics) (section)

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Like Price Elasticity of Demand, time also affects Price Elasticity of Supply. Though, there are other varying factors that affect this too, such as: capacity, availability of raw materials, flexibility, and the number of competitors in the market. Though, the time horizon is arguably the most influential detriment to price elasticity of supply.<ref name=":5" />

The longer the time horizon, the easier it is for commodity buyers to choose alternative products (substitutes). Further, as the time for suppliers to respond to price changes increases, a given price change will have a more significant impact on supply. However, suppliers can also hire more labour overtime, raise more funds, build more new factories to expand production capacity, and ultimately increase supply. In general, long-term supply is more elastic than short-term supply because producers need some time to adjust their ability to adapt to changes in demand.<ref>{{cite journal |first1=Leonid |last1=Galchynskyi |title=Estimation of the price elasticity of petroleum products' consumption in Ukraine |journal=Equilibrium (Toruń ) |date=2020-06-24 |volume=15 |issue=2 |pages=315–339 |doi=10.24136/eq.2020.015|doi-access=free }}</ref>