Generally, Long-Run Elasticities of Supply Are

question 138

Multiple Choice

Generally, long-run elasticities of supply are:

• A) greater than short-run elasticities, because existing inventories can be exploited during shortages.
• B) greater than short-run elasticities, because consumers have time to find substitutes for the good.
• C) greater than short-run elasticities, because firms can make alterations to plant size and input combinations to be more flexible in production.
• D) smaller than short-run elasticities, because the firm has made long-term commitments it cannot easily modify.
• E) the same as short-run elasticities, because technology is not assumed to change in the long-run adjustment process.

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Definitions:

Denominator

The bottom part of a fraction that tells into how many equal parts the whole is divided.

Simplify

To simplify a mathematical expression to its most basic form.

Expression

A mathematical phrase that can include numbers, variables, and operation symbols but does not have an equality sign.

Rationalize

The process of eliminating radicals from the denominator of a fraction or complex numbers from the denominator.