The shorter the period of time that consumers have to adjust to a change in the...

The shorter the period of time that consumers have to adjust to a change in the price of a good, the less elastic will be demand.

True or False

Expert Solution

True

Price elasticity is the percentage change in quantity demanded due to % change in price. In the short run consumers cannot change their preferences and choices but in long run, people have time to shift to other goods and change their habits.

Thus when price changes, quantity changes more in long run than in short run.

Rahul Sunny answered 2 years ago

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The shorter the period of time that consumers have to adjust to a change in the...

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