Supply Curves Tend to Be

Multiple Choice

Supply curves tend to be

A) perfectly elastic in the long run because consumer demand will have sufficient time to adjust fully to changes in supply.
B) more elastic in the long run because there is time for firms to enter or leave the industry.
C) perfectly inelastic in the long run because the law of scarcity imposes absolute limits on production.
D) less elastic in the long run because there is time for firms to enter or leave an industry.