The longer the time period under study,
A) the more elastic is the price elasticity of demand.
B) the less sensitive consumers will be to price changes.
C) the less adjustment consumers will make to price changes.
D) the more inelastic is the price elasticity of demand.
E) the more likely any given price cut will result in a smaller reaction by the consumer.

Question

Quizplus · Accepted Answer

Over a longer time period, consumers have more time to adjust their behavior, find substitutes, or change consumption habits, making demand more elastic.

The Longer the Time Period Under Study