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 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.

Question

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 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.

Quizplus · Accepted Answer

In the long run, consumers have more time to adjust to changes in prices and seek substitutes. Therefore, the long run demand curve is likely to be more elastic than the short run demand curve, which is influenced by more immediate needs and preferences.

The Long Run Demand Curve for Wheat Is Likely to Be