honeycfa

Compared to the short-run supply curve, the long-run supply curve is:

A) flatter.

B) steeper sloping upward to the right.

C) more inelastic.

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The long-run supply curve is more elastic and flatter than the short-run supply curve. In the long run, firms in an industry can adjust their production methods and scale.

honeycfa

Which of the following is least likely a characteristic of the long-run industry supply curve?

A) The long-run supply curve is flatter than the short-run supply curve.

B) In the long run, there will be a greater change of quantity supplied for a given price change, than in the short run.

C) The long-run supply curve is less elastic than the short run supply curve.

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The long-run supply curve is more elastic and flatter than the short-run supply curve. In the long-run, firms have greater flexibility to alter production scale and methods. Both remaining items in this question are true for the long-run supply curve.

honeycfa

Which of the following statements about supply curves is least accurate? The:

A) supply curve for the market is typically more elastic over the short run than the long run.

B) long-run supply curve for constant cost industries is horizontal.

C) long-run supply curve for decreasing cost industries slopes downward to the right.

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The supply curve for products is typically more elastic over a longer time period than over a shorter period.

cheifmic

THK