If the Long-Run Supply of Rice Is Perfectly Elastic, Then

question 358

Multiple Choice

If the long-run supply of rice is perfectly elastic, then

• A) as people's incomes rise, the quantity of rice supplied decreases.
• B) as the price of corn falls, the quantity of rice demanded decreases.
• C) in the long run, a large rise in the price of rice causes no change in the quantity of rice supplied.
• D) in the long run, an increase in the demand for rice leaves the price of rice unchanged.

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