The reason long run market supply curves are shallower than short run market supply curves is because individual firm supply curves are shallower in the long run than in the short run.
Answer the following statement true (T) or false (F)
False
Rationale: The reason long run market supply curves are shallower than short run market supply curves is because of entry and exit of firms.
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Borrowed funds are used in financing every component of GDP
a. True b. False Indicate whether the statement is true or false
If there is an improvement in the technology used to produce a good, then the supply curve for that good will shift to the left
a. True b. False Indicate whether the statement is true or false
If the percentage change in the price of a good is less than the resulting percentage change in the quantity demanded of that good, then the demand for that good is:
A. unit elastic. B. inelastic. C. elastic. D. perfectly inelastic.