Long-run supply is
A)more elastic than momentary supply but less elastic than short-run supply.
B)less elastic than momentary supply but more elastic than short-run supply.
C)less elastic than both momentary and short-run supply.
D)more elastic than both momentary and short-run supply.
E)equal in elasticity to short-run supply.

Question

Quizplus · Accepted Answer

Long-run supply is more elastic compared to both momentary and short-run supply because firms can adjust all their factors of production in the long run, making it easier to respond to changes in price.

Long-Run Supply Is