The duration of the "short-run"
A) is one year.
B) is the same for all goods.
C) depends on the relative short-run elasticity of demand and supply for the good.
D) depends on how long it takes consumers or firms to adjust for a particular good.

Question

Quizplus · Accepted Answer

The duration of the short-run depends on how long it takes consumers or firms to adjust for a particular good. The adjustment period can vary for different goods depending on factors such as the ease of substituting for other goods or the availability of inputs. Therefore, the short-run can be different for different goods. It is not a fixed duration or the same for all goods.

The Duration of the "Short-Run