As the Time Frame Shifts from the Short Run to the Long

question 129

Multiple Choice

As the time frame shifts from the short run to the long run,what happens to producers who are subject to a binding price floor?

• A) They are increasingly willing to substitute away from producing the good,and the supply curve becomes less elastic.
• B) There are no changes,and their elasticity of supply remains unchanged.
• C) They are increasingly willing to substitute away from producing the good,and the supply curve becomes more elastic.
• D) They are less willing to substitute away from producing the good,and the supply curve becomes less elastic.
• E) They are less willing to substitute away from the good,and the supply curve becomes more elastic.

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Definitions:

Macaroni And Cheese

A popular dish made typically from cooked macaroni pasta and a cheese sauce, often with added ingredients such as breadcrumbs or meat.

Serving

The portion or quantity of food designated as a single helping.

Marginal Utility

The additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a good or service.

Units

Quantities measured according to specific standards for purposes of counting, comparison, or calculation.