in-the-context-of-price-elasticity-what-is-a-key-difference-between-short-run-an

Question

In the context of price elasticity, what is a key difference between short-run and long-run demand for a product?

Accepted Answer

Demand is generally more elastic in the long run as consumers have time to adjust.

Answer

Demand is equally elastic in both the short run and long run.

Answer

Demand is more inelastic in the long run due to fixed consumption patterns.

Answer

Demand is generally more elastic in the short run as consumers react quickly.