Examlex
Psychological knowledge that is simplified and sensationalized is called:
Income Elasticity
A measure of how the demand for a good or service changes in response to changes in income.
Supply Elasticity
The measure of responsiveness of the quantity of a good supplied to a change in its price.
Long Run
A period in which all factors of production and costs are variable, allowing firms to adjust all inputs in response to market conditions.
Short Run
A period in economics during which at least one input or resource is fixed, limiting the ability of the firm to adjust all inputs freely.
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