In the Long Run,the Price Elasticity of Demand Is ________

question 35

Multiple Choice

In the long run,the price elasticity of demand is ________ than in the short run because ________.

• A)less; consumers have more time in which to make adjustments to price changes
• B)less; the percentage change is measured over a larger amount of time
• C)greater; consumers have more time in which to make adjustments to price changes
• D)greater; firms have more time to shift the burden of the tax forward to consumers

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Definitions:

Organizational Strategy

A plan of action designed to achieve a long-term or overall aim within an organization.

Managerial Skill

The abilities and expertise required for effective management, including planning, organization, decision-making, problem-solving, and communicating.

Competitive Global Environment

A business context where companies worldwide compete against one another to offer the best products, services, and customer experiences.

Tailor Communication

The practice of customizing messages and interactions to suit the specific needs and preferences of the audience or recipient.