The elasticity of demand for a good tends to increase if:
A)there is an increase in the availability of complements
B)there is an increase in the availability of substitutes
C)the market is considered over a longer period of time
D)the definition of the market is broadened

Question

Quizplus · Accepted Answer

The elasticity of demand for a good tends to increase if the market is considered over a longer period of time. This is because consumers have more time to adjust their consumption in response to changes in price.

The Elasticity of Demand for a Good Tends to Increase