The 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.

Name: The 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.
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Question

Quizplus · Accepted Answer

In the long run, consumers have more time to adjust their behavior and find substitutes for a product, making the demand more price-elastic.

The Demand Is More Price-Elastic