Demand is more inelastic in the short-term because consumers:
A)are impatient.
B)have no time to find available substitutes.
C)are present-oriented.
D)are neither impatient, have no time to find available substitutes nor are present-oriented.

Question

Quizplus · Accepted Answer

In the short-term, consumers may not have the time to search for and find available substitutes to satisfy their needs or wants. This makes the demand more inelastic because even if prices increase, consumers may still have to purchase the same products or services due to the lack of alternatives in the short-term.

Demand Is More Inelastic in the Short-Term Because Consumers