If 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

When people have more time to adjust to a price change, both supply and demand become more elastic because consumers and producers have more time to find alternatives or adjust their behavior.

If People Have More Time to Adjust to a Price