Demand for a Product Tends to Be More Elastic the Longer

question 58

Multiple Choice

Demand for a product tends to be more elastic the longer the time period considered because

• A) sellers have more time to expand production.
• B) buyers have more time to search for substitutes.
• C) price increases over time make the price larger relative to buyers' incomes.
• D) the inverse relationship between the price and the quantity demanded weakens over time.
• E) buyers get used to the new price.

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To allow or enable escape from confinement; in legal terms, it can involve the relinquishing of a right or claim.

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Having an obligation to do something, or having control over or care for someone, as part of one's job or role.