In the Long Run, Price Elasticities of Demand Are Usually

question 13

Multiple Choice

In the long run, price elasticities of demand are usually:

• A) less than they are in the short run because people can adjust.
• B) the same as they are in the short run because tastes don't change.
• C) greater than they are in the short run because prices rise over time.
• D) greater than they are in the short run because consumers have time to adjust.

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Definitions:

Opaqueness

The quality of being impenetrable by light; not transparent or translucent.

Decant

To pour a liquid from one container into another, usually to separate a solid from a liquid or to allow sediment to stay behind.

Clarity

The quality of being coherent and intelligible, or clear in thought or expression.

Bacillus Anthracis

A bacterium that causes anthrax, a serious infectious disease in humans and animals.