Compared to the short run,the elasticity of demand in the long run is likely to:
A)decrease.
B)remain unitary elastic.
C)increase.
D)remain unchanged.

Question

Quizplus · Accepted Answer

In the long run, consumers have more flexibility to adjust their behavior and find substitutes for goods and services if the price changes, leading to a greater responsiveness of demand. Therefore, the elasticity of demand is likely to increase in the long run as compared to the short run.

Compared to the Short Run,the Elasticity of Demand in the Long