(Figure) the Figure Shows Two Demand Curves for Two Different

Multiple Choice

(Figure) The figure shows two demand curves for two different periods for the same product. Based on the information in the graph, which statement is TRUE?

A) The flatter long-run demand curve implies that consumers have more time to adjust their behavior and find substitute goods.
B) The flatter long-run demand curve implies that more consumers find the product a necessity in the long run compared to the short run.
C) The steeper short-run demand curve implies that consumers spend a larger share of their income in the short run compared to the long run.
D) The steeper short-run demand curve implies consumers are more price sensitive in the short run compared to the long run.