The long-run market supply curve in a competitive market will

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BlackTom AI · Accepted Answer

The question asks about the long-run market supply curve in a competitive market and how it compares to the short-run supply curve.
Option d: 'typically be more elastic than the short-run supply curve.' In economic theory, the long-run supply curve is more elastic because firms have more flexibility: they can adjust all inputs, enter or exit the industry, and respond to price changes by changing production capacity. This means that, for a given price change, quantity supplied can adjust more fully in the long run, making the curve flatter (more elastic) than in the short run where some inputs are fixed and firms cannot fully adjust.
Note on the missing options: since the provided data includes no other answer choices to evaluate, we cannot assess alternative statements. However, the key comparative claim—that long-run supply is more elastic than short-run supply—is a standard result in perfect competition with fixed factors in the short run and flexible factors in the long run.
In short, the reasoning behind option d rests on the fundamental distinction between fixed versus variable inputs over different time horizons, and the ability of firms to alter plant size and enter or exit the market in the long run, which increases elasticity.

The long-run market supply curve in a competitive market will

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