In the Long Run

question 233

Multiple Choice

In the long run

• A) the supply curve for all firms is more elastic than in the short run.
• B) more firms may enter the industry.
• C) plants may change facility capacity.
• D) the supply curve for all firms is more elastic than in the short run, more firms may enter the industry, and plants may change facility capacity.

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Definitions:

Mass

A measure of the amount of matter in an object, often measured in kilograms or grams.

Scientific Method

A systematic approach to research and experimentation used to explore observations and answer questions, involving hypothesis formulation, experimentation, and conclusion.

Data Analysis

The process of inspecting, cleansing, transforming, and modeling data with the goal of discovering useful information and supporting decision-making.

Scientific Method

A systematic approach to research that involves observation, hypothesis formation, experimentation, and the drawing of conclusions.