How Does the Amount of Time Consumers Have to Adjust

question 148

Multiple Choice

How does the amount of time consumers have to adjust to a price change affect elasticity?

• A) The more time consumers have to adjust, the less elastic their demand will be.
• B) The time consumers have to adjust does not affect the elasticity of their response unless it is a luxury good.
• C) The more time consumers have to adjust, the more elastic their demand will be.
• D) The time consumers have to adjust will not affect the elasticity of their response unless the good is a necessity.

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