When consumers are given more time to adjust to higher prices
A) demand becomes less elastic.
B) consumers have fewer choices from which to select.
C) consumers have more choices from which to select.
D) consumers can earn more income to spend on goods.

Question

Quizplus · Accepted Answer

When consumers are given more time to adjust to higher prices, they can explore and find more alternatives or substitutes, making demand more elastic as they have more choices to select from.

When Consumers Are Given More Time to Adjust to Higher