The Longer the Period of Time Allowed for the ___________

question 107

Multiple Choice

The longer the period of time allowed for the ___________ of a good to adjust to a change in the price of the good, the ___________ the price elasticity of supply will be. This statement assumes that the quantity supplied __________ be altered with time.

• A)producer; higher; can
• B)consumer; higher; can
• C)producer; lower; can
• D)producer; lower; cannot

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Definitions:

Ideas

Mental concepts or thoughts that arise from creative thinking or understanding.

Human Nature

The inherent characteristics, including ways of thinking, feeling, and acting, that all humans are believed to share.

Group Standard

A set of norms or expected behaviors shared by a group of individuals.

Cognitive Dissonance Theory

A theory suggesting that individuals experience psychological discomfort (dissonance) when holding two or more contradictory beliefs, ideas, or values.