The Long-Run Supply Curve for a Product Differs from the Short-Run

question 52

Multiple Choice

The long-run supply curve for a product differs from the short-run supply curve in that the long-run supply curve is usually

• A) vertical.
• B) more inelastic.
• C) more elastic.
• D) of unitary elasticity.

---

Definitions:

Treaty of Prague

An agreement concluded in 1866 after the Austro-Prussian War, leading to the dissolution of the German Confederation and the establishment of the North German Confederation.

Ausgleich

The compromise of 1867 that established the dual monarchy of Austria-Hungary.