FIGURE 4- 3 -Refer to Figure 4- 3, Which Shows a Demand Shift

Multiple Choice

FIGURE 4- 3
-Refer to Figure 4- 3, which shows a demand shift and the short- run and long- run supply curves for some product. The diagram illustrates the general principle that

A) demand is less elastic in the long run.
B) both demand and supply are less elastic in the long run.
C) demand is more elastic in the long run.
D) supply is less elastic in the long run.
E) supply is more elastic in the long run.