Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 5 - Part II - Elasticity and its Application - Quick Check Multiple Choice - Page 108: 4

Answer

c) supply curve is more elastic

Work Step by Step

In the long run, the supply curve is more elastic because firms can choose to enter and exit the market in response to changes in price and changing market conditions. This means that suppliers can adjust their production levels and output quantity, making supply more responsive to changes in price in the long run.
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