In the Long Run, Price Elasticities of Demand Are Usually

question 182

Multiple Choice

In the long run, price elasticities of demand are usually ____.

• A) less than they are in the short run because people can adjust
• B) the same as they are in the short run because tastes don't change
• C) greater than they are in the short run because prices rise over time
• D) less than they are in the short run because real prices fall over time
• E) greater than they are in the short run because consumers have time to adjust

---

Definitions:

So-Called

A term used to indicate that the word or phrase that follows is not an accurate or genuine description of the subject.

Phenylethylamine (PEA)

An organic compound that acts as a central nervous system stimulant in humans and is thought to elevate mood and promote feelings of attraction.

Testosterone

A steroid hormone that plays a key role in the development of male reproductive tissues and secondary sexual characteristics.

Lactic Acid

An organic acid produced in muscles during intense exercise, responsible for the sensation of muscle fatigue.