The long-run price elasticity of demand for a commodity is generally greater than the short-run price elasticity of demand for the commodity.

Name: The long-run price elasticity of demand for a commodity is generally greater than the short-run price elasticity of demand for the commodity.
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In the long run, consumers have more time to adjust their behavior and find substitutes, making the demand for a commodity more sensitive to price changes than in the short run.

The Long-Run Price Elasticity of Demand for a Commodity Is