Economists distinguish among the Immediate period, the short run, and the long run by noting thatMultiple ChoiceITALYsupply is most elastic in the short run and perfectly inelastic in the immediate period.O demand is most elastic in the long run and perfectly inelastic in the immediate period.O supply is most elastic in the long run and perfectly inelastic in the immediate period.O supply is most elastic in the short run and perfectly inelastic in the long run.

Elasticity of supply measures the responsiveness of quantity supplied with respect to change in…

Economists distinguish among the immediate period, the short run, and the long run by noting that Multiple Choice supply is most elastic in the short run and perfectly inelastic in the immediate period. demand is most elastic in the long run and perfectly inelastic in the immediate period. supply is most elastic in the long run and perfectly inelastic in the immediate period. supply is most elastic in the short run and perfectly inelastic in the long run.

Economists distinguish among the immediate period, the short run, and the long run by noting that Multiple Choice supply is most elastic in the short run and perfectly inelastic in the immediate period. demand is most elastic in the long run and perfectly inelastic in the immediate period. supply is most elastic in the long run and perfectly inelastic in the immediate period. supply is most elastic in the short run and perfectly inelastic in the long run.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 3PA: Suppose the price elasticity of demand for heating oil is 02. in the short run and 0.7 in the long...

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