When is price elasticity of demand said to be greater?
A) when there are fewer available substitutes
B) the longer the period of time consumers have to adjust to price changes
C) the shorter the period of time consumers have to adjust to price changes
D) when the elasticity of supply is greater

Question

Quizplus · Accepted Answer

Price elasticity of demand is said to be greater when consumers have a longer period of time to adjust to price changes. This is because consumers have more time to find substitutes or adjust their spending habits.

When Is Price Elasticity of Demand Said to Be Greater