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:

Poverty

The state of having insufficient financial resources to meet basic living expenses such as food, shelter, and healthcare.

Emotional Distress

A legal claim for damages suffered as a result of extreme or outrageous conduct that causes severe emotional trauma.

Extreme Conduct

Behavior that is far outside the norms of society or a given context, often considered shocking or unacceptable.

Outrageous Conduct

Actions that are so extreme or beyond the bounds of decency that they cause shock or offense, sometimes forming the basis for a lawsuit in cases like intentional infliction of emotional distress.