When the price of a product increases, the passage of time usually causes the price elasticity of demand for the product to become
A) less elastic.
B) more elastic.
C) smaller and smaller in an absolute value.
D) approximately equal to zero in the long run because of scarcity.

Question

Quizplus · Accepted Answer

Over time, consumers can find substitutes or adjust their consumption habits, making demand more elastic.

When the Price of a Product Increases, the Passage of Time