In General,price Controls Have A

question 50

Multiple Choice

In general,price controls have a:

• A) larger effect in the long run because demand and supply become more elastic over time.
• B) larger effect in the short run since demand and supply become more elastic over time.
• C) smaller effect in the long run since demand and supply become less elastic over time.
• D) smaller effect in the short run because demand and supply become less elastic over time.

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Definitions:

Indifference Curves

Graphs representing different bundles of goods between which a consumer is indifferent, showing combinations that provide the same level of utility to the consumer.

Horizontal Axis

In a graph or chart, the x-axis running horizontally, typically used to represent the independent variable or the base of comparison.

Vertical Axis

In a graph, the vertical line, usually representing the dependent variable or the measure of outcome.

Corn Chips

A snack food made from cornmeal fried or baked in oil, often seasoned.