Asked by
Mahlik Glenn
on Oct 08, 2024
Verified
The more time consumers have to adjust to a change in price:
A) the smaller will be the price elasticity of demand.
B) the greater will be the price elasticity of demand.
C) the more likely the product is a normal good.
D) the more likely the product is an inferior good.
Price Elasticity
A measure of the responsiveness of the quantity demanded or supplied of a good or service to a change in its price.
- Pinpoint the determinants that impact the flexibility of demand, including period considerations and substitute availability.
Verified Answer
MO
Learning Objectives
- Pinpoint the determinants that impact the flexibility of demand, including period considerations and substitute availability.