The? long-run elasticity of supply in most industries is? ___________ than the? short-run elasticity because in the long? run, ? ________________.
A. less? elastic; resources and firms can enter the industry
B. less? elastic; consumer demand will? increase, increasing industry profits
C. more? elastic; consumer demand will? increase, increasing industry profits
D. more? elastic; resources and firms can enter the industry
Answer: D. more? elastic; resources and firms can enter the industry
You might also like to view...
If reckless drivers are more likely than safe drivers to buy automobile insurance, then a moral hazard problem has occurred
Indicate whether the statement is true or false
Why do Americans want to buy pounds?
a. To buy goods and services from British firms and to buy British assets. b. To purchase a British soccer shirt in New York. c. To purchase stock in British companies on the New York Stock Exchange. d. To purchase Canadian bonds. e. To buy goods and services only.
The maximum units of input you would possibly hire is
A. 2.
B. 3.
C. 4.
D. 5.
Suppose the price elasticity of demand for iPods is inelastic. What would you expect about the demand elasticity for workers producing iPods? Explain
What will be an ideal response?