Demand Is (More Elastic / Less Elastic)in the Short Run

Multiple Choice

Demand is (more elastic / less elastic) in the short run than in the long run

A) (more elastic) because goods account for a larger percentage of the consumer's budget in the short run than in the long run.
B) (less elastic) because goods account for a smaller percentage of the consumer's budget in the short run than in the long run.
C) (more elastic) because consumers have less time to adapt to a price change in the short run than in the long run.
D) (less elastic) because consumers have less time to adapt to a price change in the short run than in the long run.