For many goods, the price elasticity of demand increases over time after a price hike because
A) consumer incomes tend to increase over time.
B) inflation increases all prices and incomes over time.
C) the ability to find good substitutes for the product whose price rose increases over time.
D) All of the above answers are correct.

Question

Quizplus · Accepted Answer

Over time, consumers have more opportunities to find and switch to substitutes, making demand more elastic.

For Many Goods, the Price Elasticity of Demand Increases Over