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In the Short Run, as Compared to the Long Run

question 20

Short Answer

In the short run, as compared to the long run, both the price elasticity of demand and the price elasticity of supply tend to be more

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Definitions:

Electrons

Particles smaller than atoms with a negative charge, essential for conducting electricity in solid substances.

Buffers

Substances that minimize changes in pH by absorbing or releasing hydrogen ions, helping maintain a stable environment in solutions like blood.

Salts

Ionic compounds resulting from the neutralization reaction of an acid and a base, consisting of cations (other than H+) and anions (other than OH-).

Water

A transparent, tasteless, odorless, and nearly colorless chemical substance which is the main constituent of Earth's hydrosphere, and the fluids of all known living organisms.

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