How Long Has California Been a U.S.state

question 28

Multiple Choice

How long has California been a U.S.state?

• A)about 50 years
• B)about 100 years
• C)more than 150 years
• D)more than 200 years

---

Definitions:

Elastic Demand

A market situation where the quantity demanded of a good or service changes significantly as its price changes.

Short Run

A period during which at least one of a firm's inputs is fixed, limiting its ability to adjust production levels.

Long Run

A period of time in economics sufficient for all markets to adjust to changes, including the production capacity of the industry.

Price Paid

The actual amount of money exchanged for acquiring a good or service.