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Short-run
allow only a short time to pass - 1 year or less
Long-Run
enough time is allowed for consumers or producers to adjust fully to the price change
Demand and Durable Goods
More price elasticity in the short-run than long-run
Income elasticities - most goods/services
more elastic in the long run than short-run
Income elasticities - durable goods
more elastic in the short-run than long run
Supply elasticity - most goods
more elastic in the long run than short run
