In the long run, we expect the market supply curve to

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The prompt asks about the long-run behavior of the market supply curve. In the long run, producers have more flexibility: they can adjust all inputs, enter or exit the market, and adopt new technologies. This greater flexibility makes the market supply more responsive to price changes, i.e., more elastic, compared with the short-run supply where some inputs are fixed and adjust only partially.

Because of these adjustments, the slope of the long-run supply is flatter than that of the short-run supply, reflecting higher elasticity. In turn, this means that for a given price change, quantity supplied in the long run changes by a larger percentage than in the short run.

Noting that the provided options are missing from the input, I can only rely on the statement that the long-run market supply curve is more elastic than the short-run market supply curve, which aligns with standard economic theory about adjustment horizons and elasticity.

If there were additional answer choices, we would evaluate each for consistency with the idea that the long-run supply is more elastic due to the ability to adjust all inputs and to enter or exit the industry, while the short-run supply is constrained by fixed factors and short-term commitments.

ECON 4010-090 Summer 2025 Quiz 3

In the long run, we expect the market supply curve to

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