lace the points of the line either on N and K or on N and H.

10. Price elasticity of supply in the short run and long run

The following graph shows the short-run supply curve for pears.

Place the orange (square symbol) on the following graph to show the most likely long-run supply curve for pears. (Note: Place the points of the line either on N and K or on N and H. )

Expert Solution

Compared to in short run, supply is more elastic in long run. So the supply curve is steeper in short run and flatter in long run (line correcting points N and K).

Rahul Sunny answered 3 years ago

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