In the Very Short Run

question 102

Multiple Choice

In the very short run:

• 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.

Acknowledge the need to review the estimating method when estimates are rarely exceeded.

Understand that an activity can have costs from multiple vendors.

Grasp the differences in estimating methods across project phases.

Learn the concept of actual cost versus detailed cost estimates.