In General, the Flatter the Supply Curve Is, the

question 394

Multiple Choice

In general, the flatter the supply curve is, the

• A) more elastic is supply.
• B) less elastic is supply.
• C) shorter the period for adjustment.
• D) fewer the adjustments to price changes that firms can make.

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Definitions:

Wage

Payment to a worker from an employer for labor or services, usually expressed as an hourly, daily, or piece rate.

Marginal Revenue

The change in total revenue from an additional unit sold.

Marginal Cost

The cost of producing one additional unit of a good or service, important in decision-making processes about production levels.

Product of Labor

The goods or services generated as a result of work or employment, often measured to evaluate productivity.