The Long-Run Supply Curve in a Competitive Market Must Be

question 188

True/False

The long-run supply curve in a competitive market must be more inelastic than the short-run supply curve.

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Definitions:

Inference Forms

Patterns or structures of logical reasoning where conclusions are drawn from a set of premises.

MP

Short for "Member of Parliament," a representative elected to participate in the legislative process of a parliamentary democracy.

Inference Forms

Specific patterns of reasoning that are used to derive conclusions from premises.

Conj

This term may refer to a conjunction in logic, which is a compound statement formed by connecting two statements with the word "and."