How Do Producers Who Are Subject to a Binding Price

question 124

Multiple Choice

How do producers who are subject to a binding price ceiling respond as the time frame shifts from the short run to the long run?

• A) Producers are increasingly willing to substitute away from producing the good,and their elasticity of supply becomes less elastic.
• B) There are no changes,and elasticity of supply remains unchanged.
• C) Producers are increasingly willing to substitute away from producing the good,and their elasticity of supply becomes more elastic.
• D) Producers are less willing to substitute away from producing the good,and their elasticity of supply becomes less elastic.
• E) Producers are less willing to substitute away from the good,and their elasticity of supply becomes more elastic.

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Definitions:

Repetition Priming

Priming that facilitates the cognitive processing of information after a recent exposure to that same information.

Implicit Memory

Implicit memory refers to unconscious memory, or the ability to recall or recognize information without deliberate effort.

Consciously Recollected

The act of deliberately retrieving information or memories from one's past with awareness.

State-Dependent Learning

The principle that information learned in a particular state of mind can more easily be recalled when in the same state.