The Long-Run Price Elasticity of Supply Is Greater Than the Short-Run

question 162

Multiple Choice

The long-run price elasticity of supply is greater than the short-run elasticity because

• A) firms have more time to secure additional or different factors of production.
• B) consumers react slowly to price increases.
• C) firms react more slowly in the long run.
• D) consumers react quickly to price decreases.
• E) firms have fewer choices in the long run.

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Definitions:

Attitudes Towards Progress

Refers to the varied perspectives and opinions individuals or societies hold about the nature and direction of societal, technological, or economic development.

American Society

The collective social behaviors, cultural norms, and societal structures that define the United States.

Gradualists

Individuals or groups advocating for slow or incremental changes rather than sudden and radical shifts, often in the context of social or political reforms.

Immediatists

Individuals or movements advocating for the immediate action or change, particularly in the context of abolishing slavery without delay.