When Price Changes, the Effect on Quantity Demanded Is Larger

question 164

Multiple Choice

When price changes, the effect on quantity demanded is larger as time passes at least partly because

• A)people are better able to search out alternatives in the long run.
• B)government regulations affect the short run but not the long run.
• C)consumers are irrational in the short run.
• D)fewer people consume in the long run than in the short run.
• E)most consumers do not realize price has changed in the short run.

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