Which of the Following Statements Is Correct

question 378

Multiple Choice

Which of the following statements is correct?

• A) Supply is more elastic in the short run than in long run.
• B) Supply is more elastic in the long run than in short run.
• C) Price elasticity of supply is constant along the supply curve.
• D) Price elasticity of supply is always a negative number.

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Definitions:

John Locke

An English philosopher and physician, widely regarded as one of the most influential of Enlightenment thinkers and commonly known as the "Father of Liberalism."

Equality of Opportunity

Refers to the fairness in the distribution of opportunities among individuals, ensuring that all have the same chance to pursue personal or career goals.

Birth Unequal

The notion that individuals are born into varying circumstances and environments, leading to inherent disparities in opportunities and life outcomes.

Alienated Labor

A concept in Marxism referring to the estrangement of people from aspects of their human nature due to being part of a social class that does not control the means of production.