When correcting for an externality, command-and-control policies are always preferable to market-based policies

Which of the following represents a long-run adjustment?

A. A farmer uses an extra dose of fertilizer on his corn crop. B. Unable to meet foreign competition, a U.S. watch manufacturer sells one of its branch plants. C. A steel manufacturer cuts back on its purchases of coke and iron ore. D. A supermarket hires four additional clerks.

The price elasticity of supply measures the responsiveness of quantity supplied to a change in ____________.

a. quantity demanded. b. demand c. price. d. supply.