Compared to short period supply curve, long period supply curve is_________ elastic. less/more
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Compared to short period supply curve, long period supply curve is ____more_____ elastic.
Explanation: It is generally considered that supply curve is more elastic in the long run than in the short run because all factors of production can be used to increase supply in the long run. In the short run, some factors of production are fixed and some are variable and only variable factors can be used to increase supply.
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