For a given change in demand:
A)Quantity will change relatively more in the long run than the short run.
B)Quantity will change relatively more in the short run than the long run.
C)Price will change relatively more in the long run than the short run.
D)Both b. and c. are true.

Question

Quizplus · Accepted Answer

In the long run, firms have more time to adjust their production levels, leading to a greater change in quantity compared to the short run.

For a Given Change in Demand