The elasticity of both supply and demand for a good will reduce over time.

Name: The elasticity of both supply and demand for a good will reduce over time.
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Question

Quizplus · Accepted Answer

The elasticity of supply and demand for a good can change in various ways over time depending on factors such as technological advancements, availability of resources, consumer preferences, and market competition. Elasticity is not inherently bound to decrease.

The Elasticity of Both Supply and Demand for a Good