In the Long Run,the Quantity Supplied of Most Goods

question 19

Multiple Choice

In the long run,the quantity supplied of most goods

• A)will increase in almost all cases,regardless of what happens to price.
• B)cannot respond at all to a change in price.
• C)can respond to a change in price,but the change is almost always inconsequential.
• D)can respond substantially to a change in price.

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Definitions:

Detent Position

A mechanical feature that locks a moving part in a specific position, often found in gear selectors to hold gears in place.

1st-Reverse Rail

A component in manual transmission systems, engaging the gear mechanism for the first or reverse gears.

Conversion Cost

The combined cost of direct labor and manufacturing overheads that are incurred to convert raw materials into finished goods.