The Long-Run Price Elasticity of Demand for a Good Is

question 91

Multiple Choice

The long-run price elasticity of demand for a good is

• A)zero
• B)smaller (in absolute value)than the short-run price elasticity
• C)larger (in absolute value)than the short-run price elasticity
• D)infinite
• E)the same as the short-run elasticity

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Definitions:

Partnership

An officially authorized business partnership in which two or more persons co-manage the operation and profit-sharing.

Limited Liability Company

In the United States, a company framework where the owners bear no personal responsibility for the firm's financial obligations or liabilities.

General Partnership

A partnership in which the partners divide profits and management responsibility and share unlimited personal liability for the partnership’s debts.

General Partnership

A form of partnership where all partners share unlimited liability for the business's debts and obligations.