A Long-Run Supply Curve That Is More Elastic Than a Short-Run

question 155

Multiple Choice

A long-run supply curve that is more elastic than a short-run supply curve results from which of the following circumstances?

• A)competitive firms have more control over demand in the long run
• B)firms in a competitive market face identical cost structures
• C)firms can enter and exit a market more easily in the long run than in the short run
• D)long-run supply curves are sometimes downward-sloping

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Definitions:

Private Property

Land or possessions owned by individuals or corporations rather than by the government or public as a whole.

Public Use

Utilization of land or property by the general public or government entities, often a criterion in eminent domain cases.

Landowners Downstream

Individuals or entities that own property located lower in the watershed or river flow, potentially affected by upstream activities.

Diverting

The act of changing the direction or use of something from its intended course or purpose.