Is Supply More Elastic in the Short Run or the Long

question 11

Essay

Is supply more elastic in the short run or the long run? Why?

Familiarize with the concept of limited liability partnerships and their operating conditions in Canada.

Understand the concept of the production possibility frontier (PPF) and how it is affected by technological improvements and economic growth.

Learn the significance of shifts in the PPF and how they relate to advancements in technology, increases in capital stock, and changes in the economic environment.

Differentiate between movements along the PPF and shifts of the PPF.

---

Definitions:

Congressional Powers

The authority granted to the U.S. Congress by the Constitution, including making laws, declaring war, and regulating interstate and foreign commerce.

Concurrent Powers

Powers held and exercised by both federal and state governments simultaneously under a federal system of governance, such as the power to tax or build roads.

Commerce Clause

A provision in the U.S. Constitution giving Congress the power to regulate commerce with foreign nations, among the states, and with Native American tribes.

Interstate Commerce

Commercial transactions or movement of goods and services that cross state boundaries within the United States.