In the Long Run, the Supply Curve

question 62

Multiple Choice

In the long run, the supply curve

• A) is more elastic than it is in the short run.
• B) is less elastic than it is in the short run.
• C) exhibits no systematic sequence of changes in elasticity.
• D) exhibits no change in elasticity at all.

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Definitions:

Critical Thinking

The objective analysis and evaluation of an issue in order to form a judgment.

Phrenology

A now-discredited theory that suggested the bumps on the skull could predict mental traits and character.

Pseudoscientific Theory

A theory that claims to be based on scientific principles but lacks empirical support and methodological rigor.

Personality Traits

Enduring characteristics that describe an individual's behavior, such as openness, conscientiousness, and extraversion.