As the time to respond to a change in market conditions increases, the odds of demand being elastic:
A)Increase.
B)Decrease.
C)Stay the same.
D)Cannot be determined.

Question

As the time to respond to a change in market conditions increases, the odds of demand being elastic:
A)​Increase.
B)​Decrease.
C)​Stay the same.
D)​Cannot be determined.

Quizplus · Accepted Answer

When the time to respond to a change in market conditions increases, consumers have more opportunity to find substitutes or adjust their behavior, making demand more elastic.

As the Time to Respond to a Change in Market