McqMate
| Q. |
The market price is related to : |
| A. | very short period |
| B. | short period |
| C. | long period |
| D. | very long period |
| Answer» A. very short period | |
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Explanation: Marshall was the first economist who analyzed the importance of time in price determination. Market period is a very short period in which supply being fixed, price is determined by demand. The time period is of few clays or weeks in which the supply of a product can be amplified out of given stock to match the demand. This is possible for durable goods. |
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