A Key Determinant of the Price Elasticity of Supply Is

question 26

Multiple Choice

A key determinant of the price elasticity of supply is the time period under consideration.Which of the following statements best explains this fact?

• A)Supply curves are steeper over long periods of time than over short periods of time.
• B)Buyers of goods tend to be more responsive to price changes over long periods of time than over short periods of time.
• C)The number of firms in a market tends to be more variable over long periods of time than over short periods of time.
• D)Firms prefer to change their prices in the short run rather than in the long run.

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Definitions:

Existential Therapy

A form of psychotherapy that emphasizes individual freedom, choice, and responsibility, focusing on the client's experience in the present moment.

Behavior Therapy

Behavior Therapy is an approach to psychotherapy that focuses on modifying dysfunctional behaviors through conditioning and other learning techniques.

Hawthorne Effect

The alteration of an individual's behavior due to their awareness of being observed, significant in research and experimental settings.

Self-esteem

An individual's subjective evaluation of their own worth or value.