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Author Question: Long-run elasticity of supply is defined as a. percentage change in quantity demanded in the long ... (Read 131 times)

NClaborn

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on: Jul 1, 2018
Long-run elasticity of supply is defined as
 a. percentage change in quantity demanded in the long run divided by percentage change in price.
  b. percentage change in price divided by percentage change in quantity demanded in the long run.
  c. percentage change in quantity supplied in the long run divided by percentage change in price.
  d. percentage change in price divided by percentage change in quantity demanded in the long run.

Question 2

For an increasing cost industry, the long-run supply curve has a(n) elasticity of supply
 a. infinite.
  b. negative.
  c. positive.
  d. zero.


ApricotDream

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Reply #1 on: Jul 1, 2018
Answer to Question 1

c

Answer to Question 2

c


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