In the long run the price elasticity of demand is than in t

In the long run, the price elasticity of demand is ________ than in the short run because ________. less; consumers have more time in which to make adjustments to price changes less; the percentage change is measured over a larger amount of time greater; consumers have more time in which to make adjustments to price changes greater; firms have more time to shift the burden of the tax forward to consumers

Solution

greater; consumers have more time in which to make adjustments to price changes

Reason

The elasticity is higher in the long run and more inelastic in short run. since it is demand side, we will check the consumer side and consumer do adjust in the long run.

In the long run, the price elasticity of demand is ________ than in the short run because ________. less; consumers have more time in which to make adjustments

Get Help Now

Submit a Take Down Notice

Tutor
Tutor: Dr Jack
Most rated tutor on our site