The Key Difference Between Supply in the Short Run and Supply

question 134

Multiple Choice

The key difference between supply in the short run and supply in the long run is that we assume that:

• A)firms are able to enter and exit the market in the long run.
• B)firms are able to enter and exit the market in the short run.
• C)firms will not collude in the short run.
• D)firms' total supply will be constant in the long run.

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Definitions:

N-Type

A category of semiconductor material where the charge carriers are predominantly electrons, achieved by doping the material with elements having more valence electrons than the semiconductor.

Semiconductor Materials

Materials that have electrical conductivity between that of a conductor and an insulator, used in the manufacture of electronic devices, including silicon and germanium.

Piezoelectricity

The production of electricity by applying pressure to a crystal.

Pressure

The force applied perpendicular to the surface of an object per unit area over which that force is distributed.