As People Have More Time to Adjust to a Price

question 191

Multiple Choice

As people have more time to adjust to a price change,

• A) demand becomes more elastic, and supply becomes less elastic.
• B) demand becomes less elastic, and supply becomes more elastic.
• C) both supply and demand become less elastic.
• D) both supply and demand become more elastic.
• E) elasticity of both demand and supply tends toward unity.

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Definitions:

Team Environments

Workplaces or situations where individuals work collaboratively in groups or teams towards common goals or projects.

Internal Customers

Employees or departments within an organization that receive services or products from other parts of the organization, treating them as if they are external customers.

Informing

The act of sharing information or knowledge with others through various means to educate or update them on specific topics or events.

Persuading

The process of convincing others to change their attitudes, beliefs, or behaviors through argument, appeal, or discussion.