In the long run, the quantity supplied of most goods:
A)can respond substantially to a change in price
B)cannot respond much to a change in price
C)cannot respond at all to a change in price
D)will naturally increase regardless of what happens to price

Question

Quizplus · Accepted Answer

In the long run, firms have more flexibility to adjust their production and inputs to respond to changes in price. This means that the quantity supplied can respond substantially to a change in price. However, the degree of responsiveness can vary across different goods and industries.

In the Long Run, the Quantity Supplied of Most Goods