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:

Repeating Information

The act of restating or duplicating data or details, often used as a technique to improve memory retention.

Emotional Stories

Narratives that evoke strong feelings, such as joy, sadness, or anger, and often create a deep connection with the audience.

Rehearsal

A cognitive process in which information is repeated over and over as a possible way of learning and remembering it.

Chunking

A memory technique that involves breaking down information into smaller, manageable groups or chunks to facilitate easier recall.