Over time, the demand for most goods becomes ______ elastic since we are able to ______.
A) more; develop more/better substitutes
B) less; develop more/better substitutes
C) more; produce more of the good or service
D) less; produce more of the good or service

Question

Quizplus · Accepted Answer

As time goes on, consumers become more educated and are able to find substitutes for goods, making the demand for those goods more elastic. This means that even small price changes can have a large effect on demand.

Over Time, the Demand for Most Goods Becomes ______ Elastic