Modern markets are able to adjust prices and wages relatively quickly once excess demand or supply takes place. Is it True?

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The answer to this is going to depend a lot on opinion.  First of all, you have to decide what the term "relatively" means.  Different economists will surely define this differently.

I would say that modern markets are able to adjust prices relatively quickly.  There is very good information available as to supply and demand and it is not too difficult to change the prices.  Gas stations, especially, are able to do this quite easily.

As for wages, I think they are quite a bit more "sticky."  Workers often have contracts and are just generally unwilling to accept having their wages lowered.

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