The long-run price elasticity of demand is usually larger than the short-run price elasticity of demand because:
A) demand curves tend to become steeper over time.
B) economists take the absolute value of long-run price elasticities but not of short-run
Elasticities.
C) people have more time to find substitute goods.
D) incomes tend to rise over time.
Correct Answer:
Verified
Q46: If the demand is elastic, the total
Q47: Q48: Any downward-sloping straight line demand curve displays: Q49: Within different price ranges along a linear Q50: As price decreases and we move down Q52: Which statement about price elasticity of demand Q53: Along a straight-line demand curve, the elasticity Q54: As one moves down a straight-line, down-sloping Q55: A lower price elasticity of demand coefficient Q56: The most important determinant of price elasticity
A)
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents