The longer the time buyers have to respond to a decrease in price, the more likely it is that the total revenue for the good in question would increase as a result.

Question

Quizplus · Accepted Answer

This is because as buyers have more time to respond to a decrease in price, more buyers may be willing to purchase the good at the lower price. Over time, this increased demand could result in a higher total revenue for the seller.

The Longer the Time Buyers Have to Respond to a Decrease