The more time that elapses, the
A) less price elastic is the demand for the product.
B) more price elastic is the demand for the product.
C) greater the income elasticity of demand for a product.
D) smaller the income elasticity of demand for the product.

Question

Quizplus · Accepted Answer

Over time, consumers have more opportunity to find substitutes or adjust their behavior in response to price changes, making the demand for a product more price elastic.

The More Time That Elapses, the