Question

The market supply curve is: perfectly inelastic in the long run, but not the short run. more elastic in the long run than in the short run. less elastic in the long run than in the short run. perfectly elastic in the short run, but not the long run.

Answer 1

The answer is B. more elastic in the long run than in the short run

Step-by-step explanation:

Supply is usually more elastic in the long run than in the short run because it is a known fact factors of production(labor, capital etc.) can be utilised to increase supply in the long run whereas in the short run only labor can be increased.

And also, because because there is time for firms to enter or leave the industry.