In the Very Short-Run Period

question 92

Multiple Choice

In the very short-run period,

• A) the price elasticity of supply is very elastic.
• B) the price elasticity of demand is very elastic.
• C) the cross elasticity of demand is very inelastic.
• D) the price elasticity of supply is very inelastic.

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Definitions:

Looking for Work

The activity of actively seeking employment by individuals who are unemployed or seeking better employment.

Employment Rate

The percentage of the labor force that is employed, often used as a measure of economic health and labor market strength.

Government Officials

Individuals who hold positions of authority in governmental organizations and are responsible for making and implementing policy decisions.

Labor Force

The total number of people, including both the employed and unemployed, who are actively engaged in or seeking work within an economy.