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

question 172

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. In the long run, the supply curve for coffee is ________ and the elasticity of supply is ________ than in the short run.

• A) steeper; larger
• B) steeper; smaller
• C) flatter; larger
• D) flatter; smaller

---

Definitions:

Antitrust Cases

Legal disputes that arise when government entities investigate and challenge business practices that threaten to monopolize a market or restrict competition.

Price-fixing

An illegal agreement among competitors to set prices at a certain level, preventing competition and harming consumers.

Industrial Regulation

Policies and laws enforced by government agencies to regulate industries in order to promote fair competition and protect consumers.

Antitrust Policy

Government regulations designed to promote competition and prevent monopolies, mergers, or cartels that harm consumers.