What is the shape of a supply curve when producers have little time to adjust to price changes?A.HorizontalB.SteepC.FlatD.Vertical
Question
Solution 1
The shape of a supply curve when producers have little time to adjust to price changes is typically steep (B). This is because in the short run, producers are unable to significantly alter their production levels in response to price changes. As a result, even large changes in price will only result Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
Similar Questions
What is the shape of a supply curve when producers have little time to adjust to price changes?A.HorizontalB.SteepC.FlatD.Vertical
What is the shape of a demand curve when consumers have a lot of time to adjust to price changes?A.HorizontalB.VerticalC.FlatD.Steep
The supply curve shifts in response to changes in non-price of supply. (Enter one word in the blank.)
According to the law of supply, producers provide _____ of a good when the price _____.Multiple choice question.less; increasesless; decreasesmore; decreases
If firms do not increase their quantity supplied when price changes, then supply is ________.