Supply and Demand Both Tend to Be More Elastic in the Long

question 2

True/False

Supply and demand both tend to be more elastic in the long run and more inelastic in the short run.

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Definitions:

Social Learning

The process of acquiring knowledge or behavior through observing and interacting with others.

Contextual

Relating to or depending on the context of a situation, meaning that it varies according to the circumstances or setting.

Biological

Pertaining to the science of life or living matter in all its forms and phenomena, especially with reference to origin, growth, reproduction, structure, and behavior.

Cognitive

Relating to the mental processes involved in acquiring knowledge and understanding through thought, experience, and the senses.