When comparing price elasticities of demand in the long run to the short run, what can we say about the long-run elasticities?
a. Within every price range, the price elasticity of demand is more elastic.
b. Consumers are less sensitive to price changes.
c. Consumers are inclined to make fewer adjustments to quantity demanded when price changes
d. Within every price range, the price elasticity of demand is less elastic.
e. Because consumers had more time to adjust to a price decrease or increase, their reaction to either is much smaller.
A
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