Demand is (more elastic / less elastic) in the short run than in the long run A) (more elastic) because goods account for a larger percentage of the consumer's budget in the short run than in the long run. B) (less elastic) because goods account for a smaller percentage of the consumer's budget in the short run than in the long run. C) (more elastic) because consumers have less time to adapt to a price change in the short run than in the long run. D) (less elastic) because consumers have less time to adapt to a price change in the short run than in the long run.
Demand is (more elastic / less elastic) in the short run than in the long run A) (more elastic) because goods account for a larger percentage of the consumer's budget in the short run than in the long run. B) (less elastic) because goods account for a smaller percentage of the consumer's budget in the short run than in the long run. C) (more elastic) because consumers have less time to adapt to a price change in the short run than in the long run. D) (less elastic) because consumers have less time to adapt to a price change in the short run than in the long run.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Demand is (more elastic / less elastic) in the short run than in the long run
A) (more elastic) because goods account for a larger percentage of the consumer's budget in the short run than in the long run.
B) (less elastic) because goods account for a smaller percentage of the consumer's budget in the short run than in the long run.
C) (more elastic) because consumers have less time to adapt to a
D) (less elastic) because consumers have less time to adapt to a price change in the short run than in the long run.
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