Paul Samuelson applied this concept to economics to imply that elasticities are lower in the short run than in the long run.
Paul Samuelson applied this concept to economics to imply that elasticities are lower in the short run than in the long run. Lenz's law is the manifestation of this concept in physics, and, in chemistry, this concept can suppress the ionization of a weak acid or a weak base and is used in buffer solutions in the common ion effect. In biological systems, this principle can help maintain homeostasis. For 10 points, identify this principle that can state that changing the concentration of an ingredient will shift the equilibrium to the side that would reduce that change in concentration
Paul Samuelson applied this concept to economics to imply that elasticities are lower in the short run than in the long run.
Le Chatelier(-Braun)'s principle