As the prices in markets change, buyers and sellers respond in different ways according to how much time they have to react. Match the time period to its correct description.
(1) short run
(2) immediate run
(3) long run
(A) Demand is somewhat elastic. Buyers have some time to adjust to a change in the market.
(B) Buyers have no time to adjust to a change in the market. Demand is inelastic.
(C) Buyers have a significant amount of time to adjust to a change in the market. Demand is elastic.
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