Are each the following statements true or false? Explain.

a. If the demand for milk rose, then, in the long run, milk-drinkers would be better off if supply were elastic rather than inelastic.

b. Long-run price elasticities of supply are generally larger than short-run price elasticities of supply. As a result, the short-run supply curves are generally flatter than the long-run supply curves.

c. When supply is perfectly elastic, changes in demand have no effect on price.