Price elasticity of demand is generally Multiple Choice greater in the short run than in the long run. greater in the long run than in the short run. the same in both the short run and the long run. greater for "necessities" than it is for "luxuries."

Question

25-02-2020
Business

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Price elasticity of demand is generally Multiple Choice greater in the short run than in the long run. greater in the long run than in the short run. the same in both the short run and the long run. greater for "necessities" than it is for "luxuries."

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Answer:

The answer is B. greater in the long run than in the short run

Explanation:

Price elasticity is the degree of responsiveness of the quantity demanded or supplied of a good to a change in its price.

It is elastic(greater than one) if it is sensitive to price and inelastic(less than one) if it is insensitive to price.

Price elasticity is greater in the long run than in the short run because in the short-run, consumers don't have time to find alternatives but in the long-run, consumers get more alternatives