Demand is (more elastic / less elastic) in the short run than in the long run

A. (less elastic) because goods account for a smaller percentage of the consumer's budget in the short run than in the long run.
B. (less elastic) because consumers have less time to adapt to a price change 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. (more elastic) because goods account for a larger percentage of the consumer's budget in the short run than in the long run.


Answer: B

Economics

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