In the short run, quantity supplied by firms is relatively less sensitive to changes in price than it is In the long run. In this sense, the term "long run" refers to the length of time required for firms to _____.(1 point)

produce fewer units in response to a change in price

adjust their factors of production in response to a change in price

adjust their future expectations in response to a change in price

produce more units in response to a change in price

Short-run supply is defined as the current supply given a firm's capital expenditure on fixed assets – such as property, plant, and equipment. The break-even price is equal to the minimum average total cost.

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