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    Principles of Economics Study Set 12
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    Exam 4: Subtleties of the Supply and Demand Model
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    Because People Can Adapt to Paying Higher Prices Over Time
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Because People Can Adapt to Paying Higher Prices Over Time

Question 53

Question 53

True/False

Because people can adapt to paying higher prices over time, the price elasticity of demand is lower in the long run than in the short run.

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