The correct answer is Option 3: Short period
- The forces of supply and demand determine market equilibrium, but this equilibrium is not permanent.
- Changes in consumer preferences, production costs, technology, government policies, and external factors frequently shift demand and supply, causing prices and quantities to adjust.
- In reality, markets continuously move toward equilibrium but do not stay in equilibrium for long periods due to these fluctuations.
Let's analyze the options:
- Long period – Incorrect, because equilibrium keeps changing due to market dynamics.
- Very long period – Incorrect, as external factors frequently disrupt equilibrium.
- Short period – Correct, as markets may reach equilibrium briefly before new factors shift demand or supply.
- Very short period – Incorrect, as equilibrium can last for a reasonable duration before disturbances occur.
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