In the long run, the supply curve
A) is more elastic than it is in the short run.
B) is less elastic than it is in the short run.
C) exhibits no systematic sequence of changes in elasticity.
D) exhibits no change in elasticity at all.

Question

Quizplus · Accepted Answer

The long run allows firms to adjust their production processes more fully, so they have more flexibility in changing the quantity of output supplied in response to a change in price. This increased flexibility leads to a more elastic supply curve in the long run.

In the Long Run, the Supply Curve