The Short-Run Elasticity of Supply Is Less Than the Long-Run

question 91

Multiple Choice

The short-run elasticity of supply is less than the long-run elasticity of supply

• A) because consumers' tastes and preferences change in the long run but not in the short run.
• B) because producers can adjust the amount of machinery in the long run but not in the short run.
• C) only for durable goods.
• D) only for nondurable goods.

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Definitions:

Root

The foundational base of a word to which prefixes and suffixes are added, conveying the word’s essential meaning.

Antipyretic

a substance or medication that reduces fever.

Root

The base part of a word, to which affixes (prefixes and suffixes) can be added to form new words.

Radiology

The medical science that uses radiation or other imaging technologies to diagnose and treat diseases.