The Key Difference Between Supply in the Short Run and Supply

question 136

Multiple Choice

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

• A) are able to enter and exit the market in the short run.
• B) are able to enter and exit the market in the long run.
• C) will not collude in the short run.
• D) will have a total supply that is constant in the long run.

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Definitions:

Sphygmomanometer

A sphygmomanometer is a device used to measure blood pressure, typically involving a cuff that is placed around the arm.

Electrocardiograph

A medical device used to record the electrical activity of the heart over a period of time.

Ischemia

A condition of reduced blood flow to tissues, causing a shortage of oxygen that is needed for cellular metabolism.

-emia

A suffix used in medical terminology to denote a condition of the blood; for example, anemia (a lack of red blood cells).