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

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06-01-2020
Business

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

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ewomazinoade ewomazinoade · Answer 1 · 2020-01-07T13:12:27+01:00

Answer:

d. consumers will be better able to find substitutes.

Explanation:

The price elasticity of demand measures the responsiveness of quantity demanded to changes in price.

A demand is elastic if a change in price leads to a greater change in quantity demanded.

In the short run, quantity demanded is less price elastic because consumers might not have found a suitable substitute. Demand is more elastic in the long run because consumers would have more time to find substitutes.

I hope my answer helps you.