Supply Curves Tend to Be

question 177

Multiple Choice

Supply curves tend to be:

• A)perfectly elastic in the long run, because consumer demand will have sufficient time to adjust fully to changes in supply
• B)more elastic in the long run, because there is time for firms to enter or leave the industry and to change the size of factories
• C)perfectly inelastic in the long run, because the law of scarcity imposes absolute limits upon production
• D)less elastic in the long run, because there is time for firms to enter or leave an industry

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Definitions:

Credit Card Receipts

Documentation or records of transactions made using a credit card, showing the amount charged and relevant transaction details.