Related to the Economics in Practice on Page 99: Which

question 112

Multiple Choice

Related to the Economics in Practice on page 99: Which of the following best explains why demand is often more elastic in the long run than it is in the short run?

• A) When demand is elastic, price increases reduce revenue because a small price increase will lead to a large decrease in quantity demanded.
• B) In the long run, consumers have greater access to substitutes.
• C) Consumers tend to postpone making purchasing decisions as long as possible.
• D) In the short run, prices can change rapidly, but in the long run they are more stable.

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