The Long-Run Industry Supply Curve Is Usually More Elastic Than

question 335

True/False

The long-run industry supply curve is usually more elastic than the short-run industry supply curve,but if entering firms make intensive use of an input that is in limited supply,then it is possible for the long-run curve to be less elastic than the short-run curve.

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Definitions:

Peremptory Challenges

A right in jury selection for the attorneys to reject a certain number of potential jurors without stating a reason.

Batson V. Kentucky

A landmark Supreme Court case in 1986 that ruled the discriminatory exclusion of jurors based on race violates the Equal Protection Clause of the Fourteenth Amendment.

Unlawful Discrimination

Unfair treatment of individuals based on personal characteristics, in violation of legal standards.

Stereotypes

Oversimplified, widely held fixed ideas or perceptions about specific groups of people or things.