The price elasticity of output supply is greater in the long run than in the short run.
Answer the following statement true (T) or false (F)
True
Rationale: Output supply is more responsive in the long run than in the short run.
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Among the key ingredients that propelled the American economy to emerge as the leading industrial power by the beginning of World War I were
A. the world's first universal public education system. B. a large agricultural surplus. C. entrepreneurial abilities of great industrialists. D. all of the choices are true.
Specialization and international trade between individuals or between nations leads to
A. greater self-sufficiency. B. higher product prices. C. higher total output. D. higher utilization of resources.
In the loanable funds market, what variable changes to eliminate a shortage of loanable funds and how is the shortage eliminated?
What will be an ideal response?
Under the unified Euro regime, the European countries control
A) fixed exchange rate only. B) monetary policy oriented toward domestic goals only. C) freedom of international capital movements only. D) monetary policy oriented toward domestic goals and freedom of international capital movements. E) fixed exchange rate and freedom of international capital movements.