Demand is more inelastic in the short term because consumers:
A) are impatient.
B) have no time to find available substitutes.
C) are present-oriented.
D) None of the statements is correct.

Question

Quizplus · Accepted Answer

In the short term, consumers have limited time to search for substitutes, which makes their demand for a particular product less elastic. As time goes on and consumers have more opportunities to search for alternatives, demand becomes more elastic. Therefore, option B is the correct choice. The other options are not relevant to the elasticity of demand.

Demand Is More Inelastic in the Short Term Because Consumers