The short-run response of quantity demanded to a change in price is usually:
A) the same as the long-run response.
B) less than the long-run response.
C) greater than the long-run response.
D) None of the preceding statements is correct.

Question

Quizplus · Accepted Answer

In the short-run, consumers may not have the ability to quickly adjust their consumption patterns in response to a change in price. Therefore, the short-run response of quantity demanded to a change in price is usually less than the long-run response. In the long-run, consumers have more time to adjust to price changes and find substitutes or alternatives.

The Short-Run Response of Quantity Demanded to a Change in Price