If the demand for a product increases, then O in the short run the price elasticity of supply will be relatively inclastic. the price will rise much more in the short run, than in the long run O The equilibrium quantity will rise much more in the long run than in the short nun. O in the long run the price elasticity of supply will become more elastic O All of these are correct.

If the demand for a product increases, then O in the short run the price elasticity of supply will be relatively inclastic. the price will rise much more in the short run, than in the long run O The equilibrium quantity will rise much more in the long run than in the short nun. O in the long run the price elasticity of supply will become more elastic O All of these are correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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