Other things being equal, the longer a price change persists
A) the less is the elasticity of demand.
B) the less chance a consumer will be able to adjust.
C) the more the consumer will be willing to pay.
D) the greater is the elasticity of demand.

Question

Quizplus · Accepted Answer

The longer a price change persists, the more time consumers have to adjust their behavior, find substitutes, or change their consumption habits, leading to greater elasticity of demand.

Other Things Being Equal, the Longer a Price Change Persists