Economists distinguish among the immediate period, the short run, and the long run by noting that
Multiple Choice
a. supply is most elastic in the short run and perfectly inelastic in the immediate period.
b. demand is most elastic in the long run and perfectly inelastic in the immediate period.
c. supply is most elastic in the long run and perfectly inelastic in the immediate period.
d. supply is most elastic in the short run and perfectly inelastic in the long run.