In the long run, supply curves tend to be relatively elastic. This is because
A) demand is also elastic in the long run
B) in the short run, fixed costs are fixed
C) in the long run, suppliers can adjust the quantities of all resources used in production
D) in the long run, suppliers can eliminate inefficient resources
E) in the long run, suppliers will enter and exit other industries

Question

Quizplus · Accepted Answer

In the long run, suppliers have the flexibility to adjust all inputs and resources, allowing them to respond more effectively to changes in price, making the supply curve more elastic.

In the Long Run, Supply Curves Tend to Be Relatively