The long-run price elasticity of demand for a good is usually larger than its short-run price elasticity because
A) as the saying goes, "out of sight, out of mind"
B) more goods are demanded in the long run than in the short run
C) people have more time to find substitute goods
D) incomes tend to rise over time
E) supply curves shift outward over time

Question

Quizplus · Accepted Answer

In the long run, consumers have more time to adjust their behavior and find alternatives or substitutes for a good when its price changes, leading to a larger elasticity compared to the short run.

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