Compared to the short run,the elasticity of demand in the long run is likely to
A) decrease.
B) remain unit elastic.
C) increase.
D) remain unchanged.

Question

Quizplus · Accepted Answer

In the long run, consumers have more time to adjust their behavior and find substitutes for a good or service, making them more responsive to price changes. This increased responsiveness results in a higher elasticity of demand.

Compared to the Short Run,the Elasticity of Demand in the Long