The Price Elasticity of Supply Becomes ________ Elastic Over Time

question 158

Multiple Choice

The price elasticity of supply becomes ________ elastic over time because _________.

• A) less; producers grow accustomed to the price changes
• B) less; firms have time to move into or out of the industry
• C) more; producers have more time to adjust their production decisions
• D) more; producers grow accustomed to the price changes

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Definitions:

Population Proportion

The portion of members in a population that exhibit a specific characteristic, typically expressed as a fraction or percentage.

Population Variance

A measure of the dispersion of a set of data points in a population, indicating how much the members of the population differ from the mean value.

Confidence Interval

A range of values, derived from sample data, that is likely to contain the value of an unknown population parameter, expressed with a certain level of confidence.

Population Standard Deviation

A measure of the dispersion or spread of all members of a population from its mean value.