How long is the "short-run" time period in the economic analysis of the market?
A)three months or one business quarter
B)total time in which sellers already in the market respond to changes in demand and equilibrium price
C)total amount of time it takes new sellers to enter the market
D)total amount of time it takes original sellers to leave the market

Question

Quizplus · Accepted Answer

The "short-run" in economic analysis refers to the period during which existing firms in a market adjust their output levels in response to changes in demand and price, but where the number of firms in the market remains constant because there isn't enough time for new firms to enter the market or for existing firms to exit.

How Long Is the "Short-Run" Time Period in the Economic