It Takes a Considerable Amount of Time to Increase the Production

question 113

Multiple Choice

It takes a considerable amount of time to increase the production of pork. This implies that

• A)a change in the demand for pork will not affect its price in the short run.
• B)the short-run supply curve for pork is less elastic than the long-run supply curve for pork.
• C)an increase in the demand for pork will elicit a larger supply response in the short run than in the long run.
• D)the long-run supply curve for pork is less elastic than the short-run supply curve for pork.

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Definitions:

Compounded Monthly

The process of applying interest on both the initial principal and the accumulated interest of previous periods on a monthly basis.

Balance

The condition in which all influences or factors cancel each other out, leading to stability or equilibrium.

Composition

In mathematics, it refers to the operation of applying one function to the result of another, denoted as (f ∘ g)(x) = f(g(x)).

Function

A linkage among inputs and a range of suitable outputs, governed by the principle that every input is coupled with a unique output.