The duration of the "short-run"
A) is one year.
B) is the same for all goods.
C) depends on the relative short-run elasticity of demand and supply for the good.
D) depends on how long it takes consumers or firms to adjust for a particular good.
D
Economics
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Suppose the price of an iPad is $500 in the U.S, and 30,000 rupees in India. If an iPad is representative of average prices within a country, then the price of a basket of goods worth $1 in the U.S. costs ________
A) 100 rupees in India B) 60 rupees in India. C) 2 rupees in India D) 0.17 rupees in India
Economics
In the economic way of thinking, countries are poor because they lack
A) money. B) access to the New York Stock Exchange. C) foreign aid. D) productive knowledge and ideas. E) effective minimum wage legislation.
Economics