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:

Implantation

The process by which a fertilized egg attaches itself to the lining of the uterus, beginning the stages of pregnancy.

Fallopian Tube

A pair of tubes along which eggs travel from the ovaries to the uterus.

Mammogram

An x-ray examination of the breast used to detect and diagnose breast diseases, especially breast cancer, in women.

Breast Examinations

Clinical assessments performed to detect abnormalities or changes in the breast tissue, which can help in early detection of breast cancer or other breast-related conditions.