It takes a considerable amount of time to increase the production of pork. This implies that Multiple Choice O O a change in the demand for pork will not affect its price in the short run. the short-run supply curve for pork is relatively less elastic than the long-run supply curve for pork. an increase in the demand for pork will elicit a larger supply response in the short run than in the long run. the long-run supply curve for pork is relatively less elastic than the short-run supply curve for pork.
It takes a considerable amount of time to increase the production of pork. This implies that Multiple Choice O O a change in the demand for pork will not affect its price in the short run. the short-run supply curve for pork is relatively less elastic than the long-run supply curve for pork. an increase in the demand for pork will elicit a larger supply response in the short run than in the long run. the long-run supply curve for pork is relatively less elastic than the short-run supply curve for pork.
Chapter6: Elasticity
Section: Chapter Questions
Problem 8QP
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Transcribed Image Text:It takes a considerable amount of time to Increase the production of pork. This implies that
Multiple Choice
O
O
O
O
a change in the demand for pork will not affect its price in the short run.
the short-run supply curve for pork is relatively less elastic than the long-run supply curve for pork.
an increase in the demand for pork will elicit a larger supply response in the short run than in the long run.
the long-run supply curve for pork is relatively less elastic than the short-run supply curve for pork.
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