The short-run elasticity of supply is less than the long-run elasticity of supply
A) because consumers' tastes and preferences change in the long run but not in the short run.
B) because producers can adjust the amount of machinery in the long run but not in the short run.
C) only for durable goods.
D) only for nondurable goods.
Question 2
Which of the following goods probably has the lowest (absolute value) short-run price elasticity of demand?
A) fresh fruit
B) frozen dinners
C) cars
D) refrigerators
How long does it take you to see the circles?
Long-Range Forecasts
Blood Supply to the Lungs
Part of a Semantic Network in Long-Term Memory
Long-term relationships, especially those who are married, having a child
Suppose a country imports televisions. The country's supply and demand curves are shown in ...