-Which Statement Is True

question 192

Multiple Choice

-Which statement is true?

• A)Over time the supply of a particular good or service tends to become more elastic.
• B)A perfectly elastic supply curve is a horizontal line.
• C)Supply is most elastic in the long run.
• D)All of the statements are true.

---

Definitions:

Price

The figure set as the cost or value of a transaction for a product or service in the marketplace.

Apples

A common fruit cultivated worldwide, also used metaphorically to represent simple examples in economic models.

Demand Function

A mathematical expression that specifies the quantity of a good or service purchased at various prices.

Income

The total money received by an individual or household from various sources like wages, investments, and benefits, over a specified period, often used to fund expenditures.