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The Long-Run Price Elasticity of Demand for a Good Is

Question 6

Multiple Choice

The long-run price elasticity of demand for a good is usually larger than its short-run price elasticity because


A) as the saying goes, "out of sight, out of mind"
B) more goods are demanded in the long run than in the short run
C) people have more time to find substitute goods
D) incomes tend to rise over time
E) supply curves shift outward over time

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