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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.

Respuesta :

Answer:

d. consumers will be better able to find substitutes.

Explanation:

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

Demand is relatively inelastic in the short run because of the time it takes to find a substitute to replace a good or a service.

While it is relatively elastic in the long run because over time suitable substitutes can be found to replace a good.

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