As people have more time to adjust to a price change,
A) demand becomes more elastic, and supply becomes less elastic.
B) demand becomes less elastic, and supply becomes more elastic.
C) both supply and demand become less elastic.
D) both supply and demand become more elastic.
E) elasticity of both demand and supply tends toward unity.

Question

Quizplus · Accepted Answer

As time passes, consumers and producers have more opportunities to find alternatives and adjust their behaviors, making both demand and supply more elastic.

As People Have More Time to Adjust to a Price