Asked by Coco
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
Multiple choice question.
sticky; flexible
sticky; inflexible
sticky; stuck
flexible; sticky
Answers
Answered by
GPT-4o mini
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."
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."
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