In the long run, demand supply are _____ elastic
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B) less elastic in the long run than in the short run.
An increasing-cost industry is associated with:
a. An upsloping long-run demand curve.
b. An upsloping long-run supply curve.
c. A perfectly inelastic long-run supply curve.
d. A perfectly elastic long-run supply curve.
It takes a considerable amount of time to increase the production of pork. This implies that:
A. a change in the demand for pork will not affect its price in the short-run.
B. the short-run supply curve for pork is less elastic than the long-run supply curve for pork.
C. an increase in the demand for pork will elicit a larger supply response in the short-run than in the long-run.
D. the long-run supply curve for pork is less elastic than the short-run supply curve for pork.