Demand Is Almost Always More Price Elastic in the Long

question 130

Multiple Choice

Demand is almost always more price elastic in the long run because

• A) people's preferences change.
• B) newer versions of a good or service replace older ones.
• C) production of the good or service stops.
• D) more options become available and people can make different choices.
• E) government regulations increase.

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Definitions:

Statement of Stockholders' Equity

A financial document that shows changes in the value of a company's equity over a specific period, including investments by shareholders and retained earnings.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, leading to the net income or loss.

Statement of Cash Flows

A financial statement that shows the cash inflows and outflows for a business over a specified period.