In the long run, prices and volumes are completely flexible and the firm

is exposed to the threat of new entrants and changing competitors' responses.

In the short run, prices and sales volumes are certain and as a result

competitive market change.

In the medium run, sales volume begins a partial response to prices, and

existing competitors begin partial responses if the firm can completely pass

the price risk to its customers.

In the short run, prices and sales volumes are certain and there is no

change in the competitiveness structure.

In the medium run, sales volume begins a partial response to prices, and

existing competitors begin partial responses if the firm can partially pass the

price risk to its customers.