Q. Supply curves tend to be

A) less elastic in the long run, because there is time for firms to enter or leave an industry.

B) more elastic in the long run, because there is time for firms to enter or leave the industry.

C) None of the above

D) perfectly elastic in the long run, because consumer demand will have sufficient time to adjust fully to changes in supply. B.

✔ Correct Answer: more elastic in the long run, because there is time for firms to enter or leave the industry.

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