All Things Equal, the Price Elasticity of Supply

question 129

Multiple Choice

All things equal, the price elasticity of supply

• A) will be greater in the short run than in the long run.
• B) will be greater in the long run than in the short run.
• C) is the same for the short run and the long run.
• D) approaches zero in the long run.

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Definitions:

Marx

Refers to Karl Marx, a 19th-century philosopher, economist, and political theorist whose works have influenced various fields, especially with his critique of capitalism and ideas about socialism and communism.

Capitalism

A system of economics where the means of producing goods are privately owned and operated to generate profit, marked by open markets, the growth of capital, and labor for wages.

Oil Supplies

The total quantity of crude oil available from natural resources, production, or reserves at any given time.

Foreign Governments

The governing bodies of nations other than one's own, often interacting through diplomacy, trade agreements, and international law.