Question

Economists distinguish among the immediate period, the short run, and the long run by noting that.

Answer 1

Economists note that supply is most elastic in the long run and least elastic in the immediate market period.

What is the short run and the long run?

The short run is a period where all  factors of production are fixed. In the short run, a firm would continue to produce if price is above average variable cost. If this is not the case, it would shut down

The long run is a period where all factors of production are varied. It is known as the planning time for a company.

Price elasticity measures how responsive quantity demanded or quantity supplied is to changes in the price of a good. The more elastic demand is, the more responsive quantity demanded or quantity supplied is to changes in the price.

In the immediate run, price would be inelastic because the producer or the consumer does not have the luxury of time to search for alternatives. As the time period increases, demand or supply is more elastic because the consumer or supplier has the time to search for suitable alternatives.

Here is the complete question:

Economists distinguish among the immediate market period, the short run, and the long run by noting that Multiple Choice

supply is most elastic in the short run and least elastic in the immediate market period.

demand is most elastic in the short run, and least elastic in the long run. supply is most elastic in the long run and least elastic in the immediate market period.

supply is most elastic in the short run and least elastic in the long run.

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Answer 2

Economists differentiate between the immediate period, the short run, and the long run by observing that supply is most elastic in the short run and least elastic in the immediate market period.

The long run is when a firm's production factors are all changeable (e.g. a firm can build a bigger factory) for a duration of more than four to six months or one year.

According to the idea of the short run, certain inputs will be constant while others will be changeable within a specific time frame in the future. It reflects the notion that an economy responds to particular stimuli differently depending on the amount of time it has to do so.

If there are substantial changes in supply for a minor change in price, the supply is elastic. Supply elasticity is unit elastic when the percentage change in price is equal to, but opposite from, the percentage change in quantity.

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