In the long run, the supply curve
A) is more elastic than it is in the short run.
B) is less elastic than it is in the short run.
C) exhibits no systematic sequence of changes in elasticity.
D) exhibits no change in elasticity at all.
Answer: A
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If the cross-price elasticity of demand between two products is positive, we can conclude that the two products are substitutes
Indicate whether the statement is true or false
Which of the following is true in regards to Okun's law?
A) employment does not increase commensurately with output rises because firms tend to hoard labor B) when demand increases, firms tend to work their employees harder and longer C) it is Okun's prediction of the negative relationship between the output and unemployment gaps that allows the modern Phillips curve to be translated into the AS curve D) all of the above E) none of the above
Average cost curves have the same shape as
a. total cost curves. b. marginal cost curves. c. total fixed cost curves. d. average fixed cost curves.
The real exchange rate is the nominal exchange rate, defined as foreign currency per dollar, times
a. U.S. prices minus foreign prices. b. U.S. prices divided by foreign prices. c. foreign prices divided by U.S. prices. d. None of the above is correct.