Prices that are inflexible in the very short run are referred to as Blank______; while prices in the long run are referred to as Blank______.

Multiple choice question.

sticky; flexible

sticky; inflexible

sticky; stuck

flexible; sticky

1 answer

The correct answer is: sticky; flexible.

In economics, prices that do not change readily in response to changes in demand or supply are called "sticky prices," while prices that can adjust more easily to changes in economic conditions over a longer period are referred to as "flexible prices."