Demand will be more elastic the
A)higher the income level.
B)lower the income level.
C)longer the passage of time after a price increase.
D)fewer substitutes are available.
E)smaller the fraction of income spent on the good.

Question

Quizplus · Accepted Answer

Demand tends to be more elastic over a longer period of time because consumers have more time to adjust their behavior and find alternatives or substitutes after a price increase.

Demand Will Be More Elastic the