Ans. A. More elastic in the long run than in the short run. - This is the correct answer of the Elasticity of market supply in Long run.
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The market supply curve is: O more elastic in the long run than in the short...
Why is the long run market supply curve generally more elastic than the short run supply curve? Can you give some examples with real products of how this might work?
Demand is more elastic: a. in the short run than in the long run. b. for goods with many substitutes than for goods with only a few. c. for goods with no substitutes. d. for necessities than for luxuries. e. for broadly defined goods than for narrowly defined ones. All other things constant, if a _____ proportion of a consumer’s budget is spent on a good, the demand for the good will be more _____ and a consumer will purchase...
we learned that the long-run supply curve is perfectly elastic, or horizontal. We also learned, however, that in the short run, when the demand for a product increases, individual firms increase their production (or, quantity supplied) in response to a higher market price. What occurs in the transition from theso-called "short run" to the "long run" that leads the long-run supply curve to be perfectly elastic?
The long-run industry supply curve in a decreasing-cost, perfectly competitive industry is o perfectly inelastic. o negatively sloped. O perfectly elastic. O positively sloped.
The expansion of capital that can occur in the long-run but not, by definition, in the short-run, means that the long-run supply is O perfectly horizontal while the short-run supply curve is upward sloping. O sloping downwards while the short-run supply curve is upward sloping. less elastic than the short-run supply curve. more clastic than the short-run supply curve.
The long-run supply curve for a perfectly competitive, constant-cost industry O is horizontal at minimum ATC. O is upward-sloping. O is horizontal at minimum AVC. O is found by adding up the marginal cost curves for all firms in the industry. As more firms enter the market: O the short-run market demand curve shifts to the left. O the short-run market supply curve shifts to the right. O the short-run market supply curve shifts to the left. O the short-run...
11.) Typically the elasticity of supply is more elastic in the ______________ (short-run, long-run).
In the long run, both supply and demand tend to become more elastic. This suggests that, in the long run, the deadweight loss from a tax will be less than it is in the short run. deadweight loss will be zero. government will likely reduce tax rates. tax revenue will be lower than it is in the short run. tax revenue will be higher than it is in the short run.
A monopoly has A. A perfectly elastic demand curve B. A perfectly elastic supply curve C. An inelastic demand curve D. less elastic demand curve than a competitive firm
2. The long run supply curve for a firm in a perfectly competitive market is A. its LRAC B. Determined by forces external to the firm C. Its marginal cost curve (above average variable cost) D. Likely to slope downward E. Its marginal cost curve (above average total cost) D. Unitary elastic E. Perfectly elastic 2.