The Long-Run Supply Curve Would Be Perfectly Elastic When

question 124

Multiple Choice

The long-run supply curve would be perfectly elastic when

• A)an increase in demand does not cause a change in product price.
• B)an increase in demand causes an increase in product price.
• C)a decrease in demand causes an increase in short-run supply.
• D)a decrease in demand causes an increase in product price.

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Definitions:

Emotional Intelligence

The ability to understand one’s own emotions and the emotions of people with whom one interacts on a daily basis.

Interacts

The action of entities engaging with each other, influencing or having an effect on one another.

Problem-solving Ability

The capacity to analyze, assess, and resolve or mitigate problems through logical thinking and applied solutions.

Customer Loyalty

The degree to which a consumer consistently prefers and purchases a particular brand or product over competing ones.