Over time, supply becomes more elastic and demand becomes less elastic.

Name: Over time, supply becomes more elastic and demand becomes less elastic.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Supply tends to become more elastic over time as producers adjust and find more efficient ways to produce goods. However, demand elasticity varies depending on the nature of the good, consumer preferences, and availability of substitutes, and does not inherently become less elastic over time.

Over Time, Supply Becomes More Elastic and Demand Becomes Less