Both the elasticities of demand and supply tend to be more elastic in the long-run.

Name: Both the elasticities of demand and supply tend to be more elastic in the long-run.
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In the long-run, both consumers and producers have more time to adjust to price changes and find alternatives, making their demand and supply responses more elastic. This is in contrast to the short-run, where consumers and producers may have limited options and are less responsive to price changes.

Both the Elasticities of Demand and Supply Tend to Be