For Outback Steakhouse, seating capacity is limited in the short run. In the long run, they can add as many seats as they want. Therefore, the price elasticity of supply for meals at Outback would be ________ in the short run than in the long run.

A. more variable
B. the same
C. higher
D. lower

Answer: D

Economics

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Refer to Figure 4-4. What is the value of the deadweight loss at the equilibrium price of $15?

A) $0 B) $40 C) $60 D) $100

Economics

"Oligopoly is the only market structure in which rivalry among firms takes place." Do you agree or disagree? Why?

What will be an ideal response?

Economics