multiple choice question product demand is generally more ______ when the time period under consideration is…
multiple choice question product demand is generally more ______ when the time period under consideration is longer. inelastic cross - inelastic elastic unit - elastic
Answer
Brief Explanations:
In economics, when the time - period considered is longer, consumers have more time to adjust their consumption patterns. They can find substitutes, change their habits, etc. This makes the demand for products more responsive to price changes, i.e., more elastic.
Answer:
C. elastic