The Long-Run Industry Supply Curve Is Usually More Elastic Than

question 335

True/False

The long-run industry supply curve is usually more elastic than the short-run industry supply curve,but if entering firms make intensive use of an input that is in limited supply,then it is possible for the long-run curve to be less elastic than the short-run curve.

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Definitions:

Regressive

A term typically used to describe a tax system where the tax rate decreases as the taxable amount increases, placing a heavier burden on lower-income individuals.

Wages and Salary

Compensation received by employees for their labor, typically paid as hourly wages or annual salaries.

Taxed

Taxed refers to the imposition of financial charges or other levies upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Percent

A way to express a number as a part of 100, often used to describe proportions and changes in financial and statistical data.