A Supply Curve in the Long Run Is Likely to Be

question 351

Multiple Choice

A supply curve in the long run is likely to be _____ than the supply curve in the short run because the price elasticity of supply in the long run is more _____.

• A) steeper; inelastic
• B) steeper; elastic
• C) flatter; inelastic
• D) flatter; elastic

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Definitions:

Weight

A measure of the force exerted by gravity on an object, commonly measured in units such as pounds or kilograms.

Distribution

In statistics, the way in which data points are spread or distributed across a range of values.

Inventory Manager

A professional responsible for overseeing and managing a company's inventory, including ordering, storing, and distributing products.

Stock Boys

Individuals typically employed in retail establishments to stock merchandise and organize inventory.