Question

Supply is usually more elastic in the long run than in the short run because a. A. new firms can enter the industry in the short run but not in the long run. b. b. firms cannot easily change the size of their factories over short periods of time. c. price changes tend to be more dramatic in the long run. d. consumers are less responsive to price changes in the long run.

Name: supply is usually more elastic in the long run than in the short run because a a new firms can enter the industry in the short run but not in the long run b b firms cannot easily change the 68343
Uploaded: 2022-05-16T07:25:19-08:00
Duration: 1 min 24 s
Channel: Jennifer Stoner
Description: supply is usually more elastic in the long run than in the short run because a a new firms can enter the industry in the short run but not in the long run b b firms cannot easily change the 68343

          Supply is usually more elastic in the long run than in the short run because
  
a. A. new firms can enter the industry in the short run but not in the long run.
  
b. b. firms cannot easily change the size of their factories over short periods of time.
  
c. price changes tend to be more dramatic in the long run.
  
d. consumers are less responsive to price changes in the long run.

Added by Tracey T.

Principles of Economics

Gregory Mankiw 8th Edition

Instant Answer

Solved by Expert Jennifer Stoner

05/16/2022

Step 1

This can limit their ability to increase supply quickly in response to changes in demand. Show more…

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Supply is usually more elastic in the long run than in the short run because a. A. new firms can enter the industry in the short run but not in the long run. b. b. firms cannot easily change the size of their factories over short periods of time. c. price changes tend to be more dramatic in the long run. d. consumers are less responsive to price changes in the long run.