Which of the Following Statements Is True About the Price

question 160

Multiple Choice

Which of the following statements is true about the price elasticity of demand?

• A)It is higher in the short run than in the long run because people's habits change slowly.
• B)It is higher in the long run than the short run because people have more time to find substitute products.
• C)It is the same in the short run and the long run.
• D)It is higher in the short run because markets adjust slowly to changes.

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