Multiple Choice
Which of the following statements is true about the price elasticity of demand?
A) It is higher in the short run than in the long run because people's habits change slowly.
B) It is higher in the long run than the short run because people have more time to find substitute products.
C) It is the same in the short run and the long run.
D) It is higher in the short run because markets adjust slowly to changes.
Correct Answer:
Verified
Correct Answer:
Verified
Q155: Why is the price elasticity of demand
Q156: Suppose that the price of a product
Q157: The graph below illustrates three demand curves.<br>
Q158: How can income elasticity be used to
Q159: What is the formula used to calculate
Q161: Which of the following products has the
Q162: Suppose that a 10% increase in the
Q163: The graph below illustrates three demand curves.<br>
Q164: If the government increases the excise tax
Q165: Below is some information on the demand