Asked by
Grace Kaminski
on Oct 27, 2024
Verified
The short-run industry supply curve is more elastic than is the long-run industry supply curve.
Industry Supply Curve
A graphical representation showing the relationship between the price of a good and the total output of the industry for that good.
Elastic
Describes a situation where the quantity demanded or supplied changes significantly in response to a change in price.
- Acquire knowledge on what affects the industry supply curve's elasticity over short and long durations.
Verified Answer
AB
Learning Objectives
- Acquire knowledge on what affects the industry supply curve's elasticity over short and long durations.