A Key Determinant of the Price Elasticity of Supply Is

question 26

Multiple Choice

A key determinant of the price elasticity of supply is the time period under consideration.Which of the following statements best explains this fact?

• A)Supply curves are steeper over long periods of time than over short periods of time.
• B)Buyers of goods tend to be more responsive to price changes over long periods of time than over short periods of time.
• C)The number of firms in a market tends to be more variable over long periods of time than over short periods of time.
• D)Firms prefer to change their prices in the short run rather than in the long run.

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Definitions:

Early Nineteenth

Pertaining to the period from 1801 to 1830, typically involving events and developments in the early 19th century.

Military Success

The achievement of strategic goals and objectives through the effective use of armed forces in combat or operations.

Reactive Power

The component of electrical power that oscillates between the source and load, stored temporarily in the circuit's inductance or capacitance.

Impedance

The total resistance to the flow of alternating current in a circuit, combining both resistive and reactive elements.