In the Very Short Run, fiRms Tend to Respond to Demand

question 200

True/False

In the very short run, firms tend to respond to demand shocks by changing their prices.

---

Definitions:

Unconscious Mind

A part of the mind that operates outside of conscious awareness, containing desires, memories, and knowledge that influence behavior and thought processes.

Agents of Socialization

Institutions or individuals that play a significant role in integrating individuals into the norms, values, and mores of a society.

Gender Differences

Variations in the roles, behaviors, and attributes that societies ascribe to individuals based on their perceived gender.

Internalize

The process of adopting the beliefs, attitudes, standards, or values of others as one's own, often influencing personal behavior and self-conception.