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

• A. Demand is equally elastic in both the short run and long run.
• B. Demand is more inelastic in the long run due to fixed consumption patterns.
• C. Demand is generally more elastic in the long run as consumers have time to adjust.
• D. Demand is generally more elastic in the short run as consumers react quickly.

Answer: (C)