Supply Curves Tend to Be

question 177

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 and to change the size of factories
• C)perfectly inelastic in the long run, because the law of scarcity imposes absolute limits upon production
• D)less elastic in the long run, because there is time for firms to enter or leave an industry

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Definitions:

Existential Perspective

A view that focuses on the cognitive, affective, and behavioral consequences of basic aspects of the human condition such as the knowledge of mortality, the desire for meaning, and the precarious nature of identity.

Negative Arousal

A state of being provoked or stimulated to feel unpleasant emotions, such as stress, anger, or anxiety.

Closure Quickly

The need or tendency to resolve a situation or obtain an answer without delay, often to reduce uncertainty or discomfort.

Personal Worth

The perceived value or esteem in which an individual holds themselves; akin to self-esteem.