The longer the time period under study:
A) the more elastic is the price elasticity of demand.
B) the less sensitive consumers will be to price changes.
C) the less adjustment consumers will make to price changes.
D) the more inelastic is the price elasticity of demand.

Question

Quizplus · Accepted Answer

Over a longer time period, consumers have more time to adjust their behavior and find alternatives in response to price changes, making the price elasticity of demand more elastic.

The Longer the Time Period Under Study