Suppose egg producers succeed in permanently raising the price of their product by 15%,and as a result the quantity demanded falls by 15% in the short run.In the long run we can expect the quantity demanded to fall by
A)0%.
B)15%.
C)between 0 and 15%.
D)more than 15%.
E)100%.

Question

Quizplus · Accepted Answer

In the long run, consumers have more time to adjust to price changes, potentially finding substitutes or altering consumption habits, leading to a greater decrease in quantity demanded than in the short run.

Suppose Egg Producers Succeed in Permanently Raising the Price of Their