As the Time Frame Shifts from the Short Run to the Long

question 129

Multiple Choice

As the time frame shifts from the short run to the long run,what happens to producers who are subject to a binding price floor?

• A) They are increasingly willing to substitute away from producing the good,and the supply curve becomes less elastic.
• B) There are no changes,and their elasticity of supply remains unchanged.
• C) They are increasingly willing to substitute away from producing the good,and the supply curve becomes more elastic.
• D) They are less willing to substitute away from producing the good,and the supply curve becomes less elastic.
• E) They are less willing to substitute away from the good,and the supply curve becomes more elastic.

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Definitions:

Tetons

A mountain range in the Rocky Mountains in North America, known for its scenic beauty and outdoor recreation opportunities.

Disintegrating

The process of breaking down or decaying, often used metaphorically to describe the breakdown of social structures or relationships.

Less Respectful

Showing a decreased level of regard or reverence towards someone or something.

Less Responsible

Characterized by a lack of responsibility, accountability, or duty in one's actions or decisions.