Demand is more price-elastic
A)In the long run.
B)If the product is a necessity.
C)If the product is a small part of the consumer's budget.
D)If the product has very few substitutes.

Question

Quizplus · Accepted Answer

Demand tends to be more price-elastic in the long run because consumers have more time to adjust their behavior, find substitutes, and change their consumption habits in response to price changes.

Demand Is More Price-Elastic