In the Long Run, New Firms Can Enter an Industry

question 41

Multiple Choice

In the long run, new firms can enter an industry and so the supply elasticity tends to be:

• A) more elastic than in the short run.
• B) less elastic than in the short run.
• C) perfectly elastic.
• D) perfectly inelastic.

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Definitions:

Unofficial Reporters

Publications that provide court opinions not officially sanctioned by the judiciary but are used as secondary sources of legal precedent.

Rules of Law

Fundamental principles that govern society and are enforced through a set of institutions.

Syllabus

An outline or summary of the subjects in a course of study or teaching.

Official Reporters

Professional individuals who transcribe the spoken word in court proceedings, hearings, and other legal events, creating official records of these events.