Supply Curves Tend to Be

question 398

Multiple Choice

Supply curves tend to be

• A)perfectly elastic in the long run because consumer demand will have sufficient time to adjust fully to changes in supply.
• B)more elastic in the long run because there is time for firms to enter or leave the industry.
• C)perfectly inelastic in the long run because the law of scarcity imposes absolute limits on production.
• D)less elastic in the long run because there is time for firms to enter or leave an industry.