Long-Run Elasticity of Supply Is Defined as

question 21

Multiple Choice

Long-run elasticity of supply is defined as

• A)percentage change in quantity demanded in the long run divided by percentage change in price.
• B)percentage change in price divided by percentage change in quantity demanded in the long run.
• C)percentage change in quantity supplied in the long run divided by percentage change in price
• D)percentage change in price divided by percentage change in quantity demanded in the long run

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Definitions:

Hierarchy

A system of organizing or classifying people, entities, or concepts based on levels of importance, authority, or status.

Bureaucracy

An organizational structure characterized by hierarchical authority, a clear division of labor, explicit rules, and impersonality in personnel matters.

Authority

The legitimate or socially approved use of power, often associated with roles or positions held by individuals or institutions.

Emotional State

The internal condition of feeling or mood of an individual, which can influence perceptions, behaviors, and attitudes.