11. The long-run supply curve for restaurants in an area is likely to be :a)More elastic than immediate supply (i.e. within the hour), but less elastic thanshort-run (i.e. within two weeks) supply curvesb)Less elastic than immediate supply, but more elastic than short-run supply curvesc)Less elastic than both immediate and short-run supply curvesd)More elastic than both immediate and short-run supply curves
12. If hotels in a small resort destination are making good profits this will encourageconstruction of new hotels (Supply ) by investors. If a large number of new hotels openwithin a short period of time (all other things remaining equal) this will:
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