Social Sciences and History / Unit 13 SSH 1222 short lesson, about 20 seconds
Short Run Inelastic, Long Run Elastic
Captions available
The idea
Quantities demanded and supplied often react slowly to a price change in the short run and more in the long run, so demand and supply tend to be inelastic in the short run and elastic in the long run, often but not always.
In practice
Gasoline this month against five years.
Where people slip
Time to find substitutes and build capacity is the reason.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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