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

Name: The long-run supply curve in a competitive market must be more inelastic than the short-run supply curve.
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In a competitive market, the long-run supply curve can be 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 Long-Run Supply Curve in a Competitive Market Must Be