Which of the following statements regarding price elasticity of supply and the length of time for adjustment is FALSE?
a. The longer is the time period for adjustment, the greater is the price elasticity of supply.
b. The longer is the time period for adjustment, the less is the extent to which resources flow into (or out of) an industry through expansion (or contraction) of existing firms.
c. The longer is the time period for adjustment, the greater is the extent to which entry or (exit) of firms increases or (decreases) production in an industry.
d. The shorter the time period for adjustment, the greater is the price elasticity of supply.