Recall the Application About the Short-Run and Long-Run Elasticity of Supply

question 181

Multiple Choice

Recall the Application about the short-run and long-run elasticity of supply of coffee to answer the following question(s) .
-Recall the Application. If the price of coffee beans increases by 20 percent and stays there for a year, the quantity of coffee supplied will ________ by a relatively ________ amount.

• A) increase; large
• B) increase; small
• C) decrease; large
• D) decrease; small

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Definitions:

Robert Zajonc

A psychologist known for his work on the mere-exposure effect and social facilitation.

William James

A pioneering American philosopher and psychologist, known for his foundational contributions to functionalism and pragmatism in psychology.

Robert Zajonc

A psychologist known for his work on social facilitation, the mere exposure effect, and other social and cognitive processes.

Emotional Reactions

The responses, often quick and automatic, of the emotional system to external or internal events.