The Short-Run Elasticity of Supply Is Less Than the Long-Run

question 91

Multiple Choice

The short-run elasticity of supply is less than the long-run elasticity of supply

• A) because consumers' tastes and preferences change in the long run but not in the short run.
• B) because producers can adjust the amount of machinery in the long run but not in the short run.
• C) only for durable goods.
• D) only for nondurable goods.

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