The longer the time that has elapsed since the price of a good changed, the
A) steeper the demand curve.
B) more elastic the demand for that good.
C) fewer substitutes available for the good.
D) smaller the amount of that good bought.
E) less elastic the demand for that good.

Question

Quizplus · Accepted Answer

Over time, consumers have more opportunity to find substitutes and adjust their behavior in response to a price change, making the demand for a good more elastic.

The Longer the Time That Has Elapsed Since the Price