Chapter 2.5 - Short-Run vs Long-Run Elasticities
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6 Terms
1
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Short-run
allow only a short time to pass - 1 year or less
2
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Long-Run
enough time is allowed for consumers or producers to adjust fully to the price change
3
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Demand and Durable Goods
More price elasticity in the short-run than long-run
4
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Income elasticities - most goods/services
more elastic in the long run than short-run
5
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Income elasticities - durable goods
more elastic in the short-run than long run
6
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Supply elasticity - most goods
more elastic in the long run than short run
Note 
Flashcards (41)