Supply curves tend to be
Multiple Choice
a. less elastic in the long run because there is time for firms to enter or leave an industry.
b. perfectly inelastic in the long run because the law of scarcity imposes absolute limits on production.
c. perfectly elastic in the long run because consumer demand will have sufficient time to adjust fully to changes in supply.
d. more elastic in the long run because there is time for firms to enter or leave the industry.
