The greater the amount of time that passes after a price change, the
A) less elastic supply becomes.
B) more elastic supply becomes.
C) more negative supply becomes.
D) steeper the supply curve becomes.
E) None of the above answers is correct.
B
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Which of the following factors is likely to lead to an increase in the quantity demanded of pens?
A) A fall in the price of paper B) A fall in the incomes of all consumers C) A rise in the incomes of all consumers D) A fall in the price of pens
The role of government in shifting the production possibilities curve to the right is considered:
A) supporting economic growth. B) redistributing income. C) providing certain goods and services. D) enforcing private property rights.
If a constant-cost, perfectly competitive industry experiences an increase in the demand for its product, we would expect
A. decreases in the market price, but increases in quantity supplied. B. only the quantity supplied of the product to increase. C. only the market price of the good to increase. D. both the market price and quantity supplied to increase.
A monopoly is the only seller of a product
A. without a wellminusdefined demand curve. B. with many substitutes. C. with a perfectly inelastic demand. D. without a close substitute.