If the Price of Steel Increases Drastically, the Quantity of Steel

Multiple Choice

If the price of steel increases drastically, the quantity of steel demanded by the building industry will fall significantly over the long run because

A) buyers of steel are more sensitive to a price change if they have more time to adjust to the price change.
B) buyers of steel are less sensitive to a price change if they have more time to adjust to the price change.
C) sales revenue in the building industry will fall sharply.
D) profits will fall by a greater amount in the long run than in the short run.