Economists Distinguish Among the Immediate Market Period, the Short Run

question 307

Multiple Choice

Economists distinguish among the immediate market period, the short run, and the long run by noting that

• A)supply is most elastic in the short run and least elastic in the immediate market period.
• B)demand is most elastic in the short run, and least elastic in the long run.
• C)supply is most elastic in the long run and least elastic in the immediate market period.
• D)supply is most elastic in the short run and least elastic in the long run.

---

Definitions:

Grand Jury

An authorized entity with the power to carry out formal processes for examining suspected illegal activities and deciding if criminal accusations should be filed.

Federal Courts

The judicial branch of the United States federal government, including the Supreme Court, circuit courts, and district courts.

Chief Justice

refers to the head of the Supreme Court in many countries, responsible for leading the court's functions and representing the judiciary.

Majority Opinions

The conclusions reached by more than half of the members of a court, forming the basis of the decision.