Supply Curves Tend to Be

question 398

Multiple Choice

Supply curves tend to be

• A)perfectly elastic in the long run because consumer demand will have sufficient time to adjust fully to changes in supply.
• B)more elastic in the long run because there is time for firms to enter or leave the industry.
• C)perfectly inelastic in the long run because the law of scarcity imposes absolute limits on production.
• D)less elastic in the long run because there is time for firms to enter or leave an industry.

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Definitions:

Density

The weight of a substance divided by its volume, typically measured in grams per cubic centimeter (g/cm³) or kilograms per cubic meter (kg/m³).

Volume

The amount of space that an object or substance occupies or contains, measured in cubic units.

Material

The substance or substances out of which a thing is or can be made, often categorized by its physical properties, such as hardness, elasticity, and density.

Liquid Sample

A portion or quantity of liquid taken to represent the whole, used for analysis or testing.