Question

when demand of any goods reacts immediately to price changes,income changes,etc it is said to have ______ demand.

(a) short run

(b) long run

(c) very short run

(d) very long run ​

Answer 1

Answer: short run

Explanation:

Answer 2

ANS:-

Short Run demand is the term used to describe demand's quick response to changes in product price and the prices of linked commodities, income fluctuations, the consumer's capacity to alter their consumption pattern, their susceptibility to new product advertisements, etc.

In general, producers of products and services find it easier to increase production over the long term of many years as opposed to the short term of a few months on the supply side of markets. After all, constructing a new factory, hiring numerous new employees, or opening additional outlets may be expensive or challenging in the short term. However, over a period of time, all of these things are feasible.

Hence, The correct option is (A) Short Run

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