Besides the availability of inputs, time is a crucial factor in the price elasticity of supply. While it is often difficult to alter the production of a given good in response to a price change, it can be adjusted according to the market condition in the longer run.
A real-life example is the agricultural sector. When farmers receive much higher prices for wheat, they are likely to increase the proportion of their land for planting wheat in the following season. Therefore the price elasticity of supply is typically higher in the long-run than in the short-run.
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