The response in quantity demanded to a price increase in subway rides:
A) will be more elastic in six weeks than in six months.
B) will be less elastic in six weeks than in six months.
C) will be the same over that time period.
D) is unpredictable without more information.

Question

Quizplus · Accepted Answer

Demand tends to be more elastic over a longer period of time as consumers have more time to adjust their behavior and find alternatives.

The Response in Quantity Demanded to a Price Increase in Subway