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Other Fields Homework Help Economics Topic started by: vanessavz on Sep 26, 2022


Title: FIGURE 4-3Refer to Figure 4-3, which shows a demand shift and the short-run and long-run supply ...
Post by: vanessavz on Sep 26, 2022


Short description: A graph plots quantity against price. Long description: The horizontal axis represents quantity. The vertical axis represents the price. The graph plots four lines. Two parallel decreasing lines represent D subscript 0 and D subscript 1. The lines begin at points near the top-left of the graph and end at points near the bottom-right. An increasing line represents S subscript S and it intersects D subscript 0 and D subscript 1. The line begins at a point near the bottom-left of the graph and ends at a point near the top-right. A gradually increasing line represents S subscript L and it intersects D subscript 0 and D subscript 1. The line begins at a point near the left-center of the graph and ends at a point near the right-center. The lines, S subscript L, D subscript 0, and S subscript L intersect at E subscript O. The line D subscript 1 intersects S subscript L, and S subscript S at E subscript L, and E subscript S, respectively.

FIGURE 4-3

Refer to Figure 4-3, which shows a demand shift and the short-run and long-run supply curves for some good. The diagram illustrates the general principle that



▸ supply is more elastic in the long run.

▸ demand is more elastic in the long run.

▸ both demand and supply are less elastic in the long run.

▸ supply is less elastic in the long run.

▸ demand is less elastic in the long run.

Title: FIGURE 4-3Refer to Figure 4-3, which shows a demand shift and the short-run and long-run supply ...
Post by: rion20000 on Sep 26, 2022
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