Multiple Choice
Which of the following is true of an input that is hired by firms in several industries in the long run?
A) The price of the input is higher in the industry where demand for the input is higher.
B) The price of the input is higher in the industry where the elasticity of demand for the input is higher.
C) The price of the input will remain the same across all the industries.
D) The price of the input will be higher in the industry that has a large number of firms.
Correct Answer:
Verified
Correct Answer:
Verified
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