Price Elasticity of Supply and Price Elasticity of Demand Are

question 28

Multiple Choice

Price elasticity of supply and price elasticity of demand are likely to be __________ in the __________ than in the __________.

• A)higher; short run; long run
• B)lower; long run; short run
• C)higher; long run; short run
• D)lower; past; future
• E)higher; past; future

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Definitions:

Berlin Blockade

A Soviet maneuver in 1948-1949 to cut off all land and rail access to West Berlin, which was countered by the Western Allies through the Berlin Airlift.

Truman

Harry S. Truman, the 33rd President of the United States, who led the country through the final stages of World War II and the beginning of the Cold War.

Cultural Cold War

The rivalry between the United States and Soviet Union during the Cold War era, focusing on ideological and cultural propaganda to influence other nations and their own citizens.