The Long-Run Price Elasticity of Demand Is Usually Larger Than

Multiple Choice

The long-run price elasticity of demand is usually larger than the short-run price elasticity of demand because:

A) demand curves tend to become steeper over time.
B) economists take the absolute value of long-run price elasticities but not of short-run elasticities.
C) people have more time to find substitute goods.
D) incomes tend to rise over time.