The __________ is the time immediately after a change in market price when sellers cannot respond by changing quantity supplied.
A)market period
B)short-run
C)long-run

Question

Quizplus · Accepted Answer

The market period is the time immediately after a change in market price when sellers cannot respond by changing quantity supplied because the production of goods takes time, and the seller cannot immediately increase the supply in a short time. Therefore, this is the best choice. Option B and C are not relevant to this concept as they refer to different time frames for a firm to adjust its production in response to changes in demand and price.

The __________ Is the Time Immediately After a Change in Market