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:

Restraints

Measures or devices used to limit the movements of individuals, typically for safety reasons in medical or psychiatric settings.

Patient's Safety

Measures and practices in healthcare settings aimed at preventing harm or injuries to patients.

Malpractice Insurance

A type of professional liability insurance that protects healthcare providers against patient claims of malpractice.

Providing Care

The act of assisting or managing the health needs of another individual, often involving medical, personal, or emotional support.