The Long-Run Price Elasticity of Supply for a Particular Good

question 137

Multiple Choice

The long-run price elasticity of supply for a particular good will be __________ its short-run elasticity.

• A) smaller than
• B) more inelastic than
• C) larger than
• D) less elastic than
• E) equal to

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Definitions:

Slope

A measure of how steep a line or curve is. The slope of a line is measured by “rise over run”—the change in the y-variable between two points on the line divided by the change in the x-variable between those same two points.

Absolute Value

The value of a number without regard to a plus or minus sign.

Horizontal Change

Alterations or movements that occur parallel to the x-axis in a coordinate system, often reflecting changes over time.

Opportunity Cost

The cost of the next best alternative foregone when a decision is made.