Final answer:
In most markets, prices bounce up and down more than quantities in the short run, but quantities often move more than prices in the long run due to supply and demand inelasticity.
Step-by-step explanation:
In most markets for goods and services, prices tend to bounce up and down more than quantities in the short run. However, quantities often move more than prices in the long run.
This pattern occurs because supply and demand are often inelastic in the short run, meaning that shifts in either demand or supply can cause greater changes in prices.
For example, when demand for a product suddenly increases, suppliers may struggle to meet the increased demand in the short run and may raise prices to balance supply and demand.
On the other hand, in the long run, suppliers can adjust their production capacity to meet the demand, resulting in smaller price changes and larger quantity changes.