Suppose the short-run demand for a good is relatively more inelastic than long-run demand. A given rightward shift in the supply curve will lead to a a. smaller decrease in price in the long run compared to the short run

b. smaller increase in quantity demanded in the long run compared to the short run

c. a larger decrease in price in the long run compared to the short run

d. a smaller decrease in both price and quantity demanded in the long run compared to the short run

The prebisch–singer hypothesis concludes that: a. technology lowers the cost of manufactured products, so developing countries should see an increase in their terms of trade. b. developing countries experience a long-run decline in their terms of trade, as the demand for primary products in higher-income countries declines relative to their demand for manufactured goods. c. because of unfair trading practices, labor in developing countries is exploited. d. opec has been responsible for a slowdown in the world's standard of living.