It takes a considerable amount of time to increase the production of pork. This implies that
A. the short-run supply curve for pork is relatively less elastic than the long-run supply curve for pork.
B. the long-run supply curve for pork is relatively less elastic than the short-run supply curve for pork.
C. a change in the demand for pork will not affect its price in the short run.
D. an increase in the demand for pork will elicit a larger supply response in the short run than in the long run.
Answer: A
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A temporary embargo on oil from the Middle East going in to the United States would
A) shift both the short-run and long-run aggregate supply curves to the left. B) shift only the short-run aggregate supply curve to the left. C) shift the long-run aggregate supply curve to the right. D) shift only the long-run aggregate supply curve to the left.
Tom spends all his income on comics and cola and maximizes his total utility. If the price of a comic is $4 and the price of a can of cola is $1, then the ratio of the ________ is 4
A) marginal utility from cola to the marginal utility from comics B) marginal utility from comics to the marginal utility from cola C) number of comics Tom buys to the number of cola Tom buys D) total utility from comics to the total utility from cola
A tariff on imports affects foreign suppliers ____; a quota affects foreign suppliers ____.
A. effectively; ineffectively B. haphazardly; carefully C. equally; capriciously D. unfairly; fairly E. unequally; unequally
Cassie's Quilts alters, reconstructs, and restores heirloom quilts. Cassie has just spent $800 purchasing, cleaning, and reconstructing an antique quilt which she expects to sell for $1,500 once she is finished
After having spent $800, Cassie discovers that she would need some special period fabric that would cost her $200 in material and time in order to complete the task. Alternatively, she can sell the quilt "as is" now for $900. What is her marginal benefit if she sells the quilt "as is" now? A) $100 B) $900 C) She makes a marginal loss of $600, not a marginal benefit. D) The marginal benefit cannot be determined.