Price Elasticity of Supply for the Long Run Is

question 23

Multiple Choice

Price elasticity of supply for the long run is

• A) always greater than the long-run price elasticity of demand.
• B) always zero.
• C) perfectly inelastic.
• D) always greater than the short-run price elasticity of supply.

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Definitions:

Tariff

A tax on imports.

CD-Rom Drives

Devices used to read information stored on CD-ROMs, often used for the distribution of software and media content.

Imported

Goods or services brought into one country from another for sale.

Tariff

A tax imposed on imported goods and services, tariffs are used by governments to control trade, protect domestic industries, or generate revenue.