If the Price of Steel Increases Drastically, the Quantity of Steel

question 6

Multiple Choice

If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because

• A)buyers of steel are more sensitive to a price change if they have more time to adjust to the price change.
• B)buyers of steel are less sensitive to a price change if they have more time to adjust to the price change.
• C)sales revenue in the building industry will fall sharply.
• D)profits will fall by a greater amount in the long run than in the short run.

---

Definitions:

Sociable

Exhibiting a willingness or tendency to engage with others in a friendly manner.

Withdrawal Symptoms

Physical and mental symptoms that occur after stopping or reducing intake of a substance that was used heavily and regularly.

Tremors

Involuntary, rhythmic muscle contractions resulting in shaking movements in one or more parts of the body.

Nausea

A sensation of unease and discomfort in the stomach with an urge to vomit.