Asked by
Gracie Hopkins
on Nov 25, 2024
Verified
Over a longer time period after a price change, the price elasticity of supply tends to decrease.
Price Elasticity
An index reflecting the degree to which the demand for a product varies with a shift in its cost.
Supply
represents the total amount of a product or service that is available for purchase at any given price in a market.
Price Change
Price change refers to the variation in the cost of goods and services over time.
- Comprehend the mechanisms behind the determination of supply price elasticity and its effects on shifting production levels.
Verified Answer
AC
Learning Objectives
- Comprehend the mechanisms behind the determination of supply price elasticity and its effects on shifting production levels.
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