When decision makers have time to fully adjust to changes in the overall price level, we refer to this as long run
The general price level is a fictitious indicator of average prices for a certain group of products and services (the consumer basket) in a country or monetary union for a specific time period (often one day), normalised in relation to a base set. A daily price index, often the Daily CPI, is used to estimate the general price level. During a hyperinflation, the overall price level may fluctuate more than once every day.
The long run is the time span in macroeconomics during which the overall price level, contractual wage rates, and expectations fully conform to the status of the economy.
Learn more about Price level here:
https://brainly.com/question/28014111
#SPJ4
