The longer the time that has elapsed since the price of a good changed,the
A) more elastic the demand for that good.
B) steeper the demand curve.
C) less elastic the demand for that good.
D) smaller the amount of that good bought.
E) fewer substitutes available for the good.

Question

Quizplus · Accepted Answer

Over time, consumers have more opportunity to find substitutes or adjust their behavior in response to a price change, making the demand for a good more elastic.

The Longer the Time That Has Elapsed Since the Price