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:

Operations

The activities and processes used in making both tangible and intangible products.

Production

The activities and processes used in making tangible products; also called manufacturing.