The Damage from Ash Fall in the Eruption of Mt

question 31

True/False

The damage from ash fall in the eruption of Mt.Pinatubo,Philippines in 1991 would have been worse,but fortunately,monsoon rains washed the ash off houses and hillsides.

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Definitions:

Elastic Demand

A market situation where the quantity demanded of a good or service changes significantly as its price changes.

Short Run

A period during which at least one of a firm's inputs is fixed, limiting its ability to adjust production levels.

Long Run

A period of time in economics sufficient for all markets to adjust to changes, including the production capacity of the industry.

Price Paid

The actual amount of money exchanged for acquiring a good or service.