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Harlamova29_29 [7]
3 years ago
12

When is output level and supply inelastic? short run or long run

Business
1 answer:
tia_tia [17]3 years ago
4 0

Output and input levels always tend to an equilibrium point it the long run, meaning they are inelastic in the long run.

Elasticity refers to how much supply and/or demand changes with changes in pricing. The more elastic, the more change there is.

In the short-term, output and and supply can change dramatically, but in the long run things tend back to the middle (equilibrium).

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Answer:

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Explanation:

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