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:

Immanuel Kant

An influential German philosopher in the 18th century known for his work in epistemology, ethics, and aesthetics.

John Locke

A 17th-century English philosopher who is considered one of the first of the British empiricists; known for his theories of mind, knowledge, and politics.

Thomas Young

An accomplished British polymath recognized for his impactful work in vision, light, solid mechanics, energy, physiology, and language.

Visual Distinction

The ability to differentiate objects, shapes, or forms based on visual characteristics.