The long-run demand curve for wheat is likely to be:
A)more elastic than the short-run demand curve for wheat.
B)more inelastic than the short-run demand curve for wheat.
C)the same as the short-run demand curve for wheat.
D)more inelastic than the short-run supply of wheat.
E)perfectly inelastic.

Question

Quizplus · Accepted Answer

In the long run, consumers have more time to adjust to price changes and find substitutes for wheat, making the demand curve more elastic than in the short run.

The Long-Run Demand Curve for Wheat Is Likely to Be