Supply Curves Tend to Be

question 398

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.
• C)perfectly inelastic in the long run because the law of scarcity imposes absolute limits on 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:

Functionalists

Scholars and theorists who analyze society by looking at the social structures that exist within it and how they serve to keep society stable and functioning.

Instrumental Role

Responsible for engaging in paid labour outside the home.

Expressive Role

Responsible for the emotional well-being of family members and the socialization of children.

Hegemonic

Relating to the dominant influence or authority over others, often in a cultural, societal, or political context.