lectur14-page54 - D Quantity per Unit of Time Demand is not...

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54 Length of the Adjustment Period This is tied to, or related to the availability of substitutes . Price Short Run : Consumers have little time to find suitable substitues.
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Unformatted text preview: D Quantity per Unit of Time Demand is not very sensitive to price changes, c.p. We say demand is relatively inelastic...
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