Compared to the Short-Run Price Elasticity of Demand, the Long-Run

question 137

Multiple Choice

Compared to the short-run price elasticity of demand, the long-run price elasticity of demand is

• A) smaller.
• B) the same.
• C) greater.
• D) either greater than or less, depending on the number of substitutes the good has.

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Definitions:

Meritocracy

Rule by (i.e., leadership given to) persons depending on their merit and ability.

Government

An institution through which a society or community organizes and enforces its collective decisions, policies, and laws.

Principle of Justice

The fundamental moral and ethical guideline that dictates fairness in treatment, distribution of goods, and administration of laws.

Marx

Karl Marx, a 19th-century philosopher, economist, and revolutionary, known for his theories about capitalism and communism.