Prices tend to be stickier in the shorter run than in the longer run.

Name: Prices tend to be stickier in the shorter run than in the longer run.
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Question

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Prices of goods and services are often slow to adjust in the short run due to factors such as contracts, social norms, and adjustment costs. However, in the long run, firms have more flexibility to adjust their prices to reflect changes in supply and demand.

Prices Tend to Be Stickier in the Shorter Run Than