Figure 5-18

-Refer to Figure 5-18.Which supply curve is most likely relevant over a very long period of time?
A) S1
B) S2
C) S3
D) All of the above are equally likely to be relevant over a very long period of time.

Question

Figure 5-18
 
-Refer to Figure 5-18.Which supply curve is most likely relevant over a very long period of time?
A) S1 
B) S2 
C) S3 
D) All of the above are equally likely to be relevant over a very long period of time.

Quizplus · Accepted Answer

Over a very long period of time, the supply curve is more elastic, as firms have more time to adjust their production levels and resources, making S3 the most relevant.

Figure 5-18 -Refer to Figure 5-18.Which Supply Curve Is Most Likely Relevant