Demand is almost always more price elastic in the long run because:
A) people's preferences change.
B) newer versions of a good/service replace older ones.
C) production of the good/service stops.
D) more options become available and people can make different choices.
E) government regulations increase.

Question

Quizplus · Accepted Answer

In the long run, consumers have more time to find substitutes and adjust their consumption habits, making demand more price elastic.

Demand Is Almost Always More Price Elastic in the Long