QuestionJune 2, 2025

The price elasticity of demand increases with the length of the period considered because Multiple Choice consumers' incomes will increase over time. the demand curve will shift outward as time passes. all prices will increase over time. consumers will be better able to find substitutes.

The price elasticity of demand increases with the length of the period considered because Multiple Choice consumers' incomes will increase over time. the demand curve will shift outward as time passes. all prices will increase over time. consumers will be better able to find substitutes.
The price elasticity of demand increases with the length of the period considered because
Multiple Choice
consumers' incomes will increase over time.
the demand curve will shift outward as time passes.
all prices will increase over time.
consumers will be better able to find substitutes.

Solution
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Answer

consumers will be better able to find substitutes. Explanation 1. Identify the Concept Price elasticity of demand measures how quantity demanded responds to price changes. Over time, consumers can adjust their behavior more effectively. 2. Determine the Reason for Increased Elasticity Over a longer period, consumers have more opportunities to find and switch to substitutes, making demand more elastic.

Explanation

1. Identify the Concept<br /> Price elasticity of demand measures how quantity demanded responds to price changes. Over time, consumers can adjust their behavior more effectively.<br /><br />2. Determine the Reason for Increased Elasticity<br /> Over a longer period, consumers have more opportunities to find and switch to substitutes, making demand more elastic.
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