Which of the Following Statements Is True

question 28

Multiple Choice

Which of the following statements is true?

• A) Supply and demand tend to be much more elastic in the long run than in the short run.
• B) Supply and demand tend to be much more inelastic in the long run than in the short run.
• C) Supply is elastic in the short run, whereas demand is elastic only in the long run.
• D) Supply is inelastic in the short run, whereas demand is inelastic only in the long run.

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Definitions:

Behavioral Differences

Variations in actions and reactions among individuals or groups typically due to genetics, environment, or cultural influences.

Gendered Behavior

Actions or reactions that are typically associated with a particular gender based on societal or cultural norms.

Egalitarianism

A principle that emphasizes equality and equal rights among individuals, often involving the removal of social and economic inequalities.

Cultural Environment

The collective beliefs, customs, behaviors, and artifacts that constitute the societal context in which individuals live, work, and interact.