All things equal, the price elasticity of supply
a. will be greater in the short run than in the long run.
b. will be greater in the long run than in the short run.
c. is the same for the short run and the long run.
d. approaches zero in the long run.
B
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The goods and services that count toward GDP are:
A. anything produced by a nation's citizens, regardless of who owns it. B. defined in terms of the location of production, not the citizenship of the producer. C. things like stocks and bonds issued by a corporation. D. citizens producing things no matter where they produce it.
A new U.S. tariff on imported steel would be likely to:
A. raise the cost of production to steel-using American firms. B. generate tax revenue to the government. C. increase U.S. production of steel. D. all of the above