The short-run supply curve in a competitive market must be more elastic than the long-run supply curve.

Name: The short-run supply curve in a competitive market must be more elastic than the long-run supply curve.
Brand: Quizplus
Rating: 4.9 (42 reviews)

Question

Quizplus · Accepted Answer

In a competitive market, the long-run supply curve is typically more elastic than the short-run supply curve because firms have more time to adjust their production and enter or exit the market in response to price changes.

The Short-Run Supply Curve in a Competitive Market Must Be