Demand tends to be:
A) more elastic in the short term than in the long term.
B) more inelastic in the short term than in the long term.
C) equally elastic in the short term and in the long term.
D) None of the preceding statements is correct.

Question

Quizplus · Accepted Answer

Demand is typically more inelastic in the short term because consumers and producers have less time to adjust their behaviors and choices. In the long term, they can find substitutes or alter consumption habits, making demand more elastic.

Demand Tends to Be