Question

Supply curves tend to be
A) more elastic in the long run, because there is time for firms to enter or leave the industry.
B) less elastic in the long run, because there is time for firms to enter or leave an industry.
C) perfectly elastic in the long run, because consumer demand will have sufficient time to adjust fully to changes in supply. B.
D) None of the above

Answer 1

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Answer ⏬⏬

⏩perfectly elastic in the long run, because consumer demand will have sufficient time to adjust fully to changes in supply. B.

Answer 2

Supply curves tend to be
A) more elastic in the long run, because there is time for firms to enter or leave the industry.
B) less elastic in the long run, because there is time for firms to enter or leave an industry.
C) perfectly elastic in the long run, because consumer demand will have sufficient time to adjust fully to changes in supply. B.
D) None of the above

=> Option C

Explanation:

Supply curves tend to be perfectly elastic in the long run, because consumer demand will have sufficient time to adjust fully to changes in supply B.