Final answer:
A fictional literary piece's time and place are its setting, including the place, time, and social/cultural context, which are crucial for establishing mood and influencing character and thematic development.
Step-by-step explanation:
A fictional literary piece's time and place are its setting. The setting is the frame of reference in which the story takes place, encompassing the place, time, and social/cultural context. This is integral to a narrative as it helps establish the mood and can significantly impact the thematic development and characterisation within the story.
The significance of setting can vary depending on the narrative. For instance, in Salman Rushdie's Midnight's Children, we see the narrator's experiences interwoven with the historical and political circumstances of their country, emphasizing how strongly place and time can influence the direction and meaning of a story. Renowned American writer Eudora Welty has highlighted this by asserting that the very identity of a story is tied to its setting.
Furthermore, the setting is not merely the background but can be a key player in the story. For example, the oppressive setting in Edgar Allan Poe's "The Fall of the House of Usher" directly affects the characters' development and the reader's perceptions, demonstrating the setting's ability to elevate the literary work's overall impact.