Which one of the following is true of the long run?
A) Demand and supply are less elastic with respect to price than in the short run.
B) Demand is more elastic and supply is less elastic with respect to price than in the short run.
C) Demand is less elastic and supply is more elastic with respect to price than in the short run.
D) Demand and supply are more elastic with respect to price than in the short run.
Correct Answer:
Verified
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