In general, the demand for a product is more elastic in the long run than in the short run.

Question

Quizplus · Accepted Answer

In the long run, consumers have more time to adjust their consumption habits, find substitutes, and react to changes in price. This makes the demand for a product more responsive to price changes, resulting in a more elastic demand in the long run. In the short run, consumers may not have as many options or alternatives, and may be less responsive to price changes, resulting in a less elastic demand.

In General, the Demand for a Product Is More Elastic