Principles of Microeconomics, 7th Edition

Published by South-Western College
ISBN 10: 128516590X
ISBN 13: 978-1-28516-590-5

Chapter 14 - Part V - Firms in Competitive Markets - Questions for Review - Page 296: 8

Answer

Market supply curves are typically more elastic in the long run. With more time, market suppliers can change how much of a good is produced. So, the quantity supplied is more sensitive to price changes.

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