Elasticity in the long run and short run

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2023-02-17 16:48:50 -

Key points In the market for goods and services, quantity supplied and quantity demanded are often relatively slow to react to changes in price in the short run, but they react more substantially in the long run. As a result, demand and supply often—but not always—tend to be relatively inelastic in the short run and relatively elastic in the long run....

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