Demand Is (More Elastic / Less Elastic)in the Short Run

question 73

Multiple Choice

Demand is (more elastic / less elastic) in the short run than in the long run

• A)(more elastic)because goods account for a larger percentage of the consumer's budget in the short run than in the long run.
• B)(less elastic)because goods account for a smaller percentage of the consumer's budget in the short run than in the long run.
• C)(more elastic)because consumers have less time to adapt to a price change in the short run than in the long run.
• D)(less elastic)because consumers have less time to adapt to a price change in the short run than in the long run.

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Definitions:

Retain Talented Employees

Strategies and practices employed by organizations to keep high-performing employees satisfied and engaged so they choose to stay with the company.

Human Capital Segmentation

The division of a workforce into distinct groups based on skills, experience, or attributes, often to tailor human resource management strategies.

Supply Chain

The system of organizations, people, activities, information, and resources involved in supplying a product or service to a consumer.

Markov Models

A statistical model used to model randomly changing systems where it is assumed that future states depend only on the current state and not on the sequence of events that preceded it.