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Business, 01.10.2019 00:30 landoncardenp8iqvl

Because it takes many years before newly planted orange trees bear fruit, the supply curve in the short run is almost vertical. in the long run, farmers can decide whether to plant oranges on their land, to plant something else, or to sell their land altogether. therefore, the long-run supply of oranges is much more price sensitive than the short-run supply of oranges.

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