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The Market for Arts and Crafts Used in Home Decoration

Question 164

Multiple Choice

The market for arts and crafts used in home decoration is a very competitive market.In this market, costs vary since some people work faster than others and have more artistic talent in producing arts and crafts.In this competitive market, we would expect to observe:


A) a short-run supply curve more elastic than the market's long-run supply curve
B) an upward-sloping long-run supply curve
C) firms that are generally unresponsive to change in demand
D) little exit and entry

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