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:

Cranial Nerves

Twelve pairs of nerves that are connected directly to the brain or brainstem and are responsible for motor and sensory functions of the head and neck.

Hypoglossal Nerve

The twelfth cranial nerve, responsible for motor control of the tongue.

Oculomotor Nerve

The oculomotor nerve, which is the third cranial nerve, is tasked with overseeing the majority of movements in the eye, such as pupil constriction and keeping the eyelid raised.

Optic Nerve

The nerve tasked with conveying visual data from the retina towards the brain.