The price elasticity of demand rarely varies between the short and long term.

Question

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The price elasticity of demand can vary between the short and long term. In the short term, consumers may not have many alternatives to turn to and may continue to purchase a good or service at a higher price, making the demand relatively inelastic. However, in the long term, consumers may have more time to find substitutes or alter their buying habits, making the demand more elastic. Additionally, factors such as changes in income or availability of substitutes can also affect the elasticity of demand in the short and long term.

The Price Elasticity of Demand Rarely Varies Between the Short